Severstal reports an almost 100% plunge in first-quarter net profit
Russian steel producer Severstal has reported a dramatic decline in profitability for the first quarter of 2026, with net profit falling to just 57 million roubles compared to 21.1 billion roubles during the same period in 2025.
The company attributed this sharp decrease mainly to weaker domestic steel demand, which fell by around 15%. This slowdown has had a significant impact on overall financial performance, reflecting broader challenges in the industrial sector.
In addition to the drop in profit, Severstal’s revenue decreased by 19% to 145.3 billion roubles. Earnings before interest, taxes, depreciation and amortization (EBITDA) also declined sharply, falling by 54% to 17.94 billion roubles.
Given the weak market conditions and negative free cash flow, the company’s board recommended not distributing dividends for the first quarter of 2026.
The results highlight the pressure facing Russian steelmakers amid fluctuating demand and economic uncertainty.
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