Severstal reports Q4 2021 and 12m 2021 financial and operational results

 

- Achieving new goals in 2021 -

 

Moscow, Russia - 18 February 2022 - PAO Severstal (MOEX: CHMF; LSE: SVST) increased its revenue in Q4 2021 by 2% qoq to $3,267 mln due to strong sales, EBITDA amounted to $1,446 mln (-16% qoq), EBITDA margin amounted to 44% (-10 ppts qoq). Severstal achieved record financial results for 12 m 2021 with revenue growing by 69% yoy to $11.6 bn,     EBITDA increased by 147% to $6 bn resulting in $3.5 bn of FCF (+322% yoy).

 

KEY CONSOLIDATED OPERATIONAL AND FINANCIAL RESULTS

 

	Q4 2021	Q3 2021	qoq, %	2021	2020	yoy, %
Financials, $ million
Revenue	3,267	3,206	2%	11,638	6,870	69%
EBITDA1	1,446	1,723	(16%)	5,978	2,422	147%
EBITDA margin, %	44%	54%	(10 ppts)	51%	35%	16 ppts
Free cash flow2	1,114	992	12%	3,539	838	322%
Net profit	978	1,237	(21%)	4,075	1,016	301%
Net debt/EBITDA3	0.23	0.29	(21%)	0.23	0.84	(73%)
Basic EPS4, $	1.17	1.48	(21%)	4.88	1.23	297%
Production, kt
Hot metal	2,928	2,728	7%	10,957	9,541	15%
Crude steel	3,032	2,878	5%	11,647	11,314	3%
Sales, kt
Steel products, incl:	3,098	2,694	15%	11,100	10,500	6%
HVA	1,410	1,146	23%	5,086	4,787	6%
Iron ore products	901	1,092	(17%)	4,327	6,024	(28%)
Coal	71	127	(44%)	825	1,469	(44%)
Health and safety
LTIFR (staff) 5	0.74	0.93	(20%)	0.69	0.65	6%
LTIFR (staff+contractors) 6	0.70	0.88	(20%)	0.72	0.70	3%

 

Notes:

1. EBITDA represents profit from operations plus depreciation and amortisation of productive assets (including the Group's share of depreciation and amortisation of associates and joint ventures) adjusted for the gain/(loss) on disposals of PPE and intangible assets and its share in associates' and joint ventures' non-operating income/(expenses). A reconciliation of EBITDA to profit from operations is presented in Severstal's annual audited financial statements.

 

2. Free Cash Flow ("FCF") is determined as the aggregate amount of the following items: Net cash from operating activities, CAPEX, proceeds from disposal of PPE and intangible assets, interest received and dividends received. A reconciliation of FCF to net cash from operating activities is presented in Severstal's annual audited financial statements.

 

3. Net Debt/EBITDA ratio is calculated as net debt divided by EBITDA for the last 12 months and is included in Severstal's annual audited financial statements. Net debt equals the total debt less cash and cash equivalents at the end of the reporting period.

 

4. Basic EPS is calculated as profit for the period divided by the weighted average number of shares outstanding during the period: 838 million shares for Q4 2021 and Q3 2021; 834 mln shares for 12m 2021 and 825 million shares for 12m 2020.

 

5. LTIFR refers to Lost Time Injury Frequency Rate, the number of lost time injuries occurring in a workplace per one million hours worked. The scope covers injuries and hours worked for staff, using the cumulative data from the beginning of the calendar year. This key performance indicator was the subject of independent assurance at 31 December 2021.

 

6. The LTIFR for staff and contractors is calculated in the same way as that for staff. This key performance indicator is planned to be the subject of  independent assurance at 31 December 2022.

 

Q4 2021 vs. Q3 2021 ANALYSIS:

 

Consolidated operational results

 

• Production: Hot metal output grew by 7% qoq to 2.93 mln tonnes. Crude steel production rose by 5% qoq to 3.03    mln tonnes, as a result of the upgrade of casting machines.

 

• Steel sales increased by 15% qoq to 3.1 mln tonnes, due to strong sales of hot-rolled steel and HVA products. Sales of HVA amounted to 1.41 mln tonnes (+23% qoq), while sales of hot-rolled steel and plate grew by 26% qoq to

1.41 mln tonnes due to the end of a repair programme. The total share of export sales volume, including sales of pig iron returned  to 42% (-9 ppts qoq) due to stronger demand in Russia.

 

• Total share of high value-added (HVA) products increased by 3 ppts qoq to 46% against the backdrop of higher demand in Russia for cold-rolled steel, LDP and other pipes and for steel with coatings - HDG and colour-coated coil.

 

• Raw materials sales: Iron ore sales to third parties reduced by 17% qoq to 0.9 mln tonnes, driven by a redistribution of sales to Cherepovets steel mill on the back of higher hot metal output. Iron ore concentrate sales to third parties was stopped in Q4 2021.

 

Consolidated financial results

 

• Revenue increased by 2% qoq to $3,267 mln due to higher sales volumes. This was partially offset by a decrease in average selling prices (-8% qoq). Sales growth was primarily driven by the domestic market with an increase of revenue from Russia (+16% qoq).

 

• EBITDA decreased to $1,446 mln (-16% qoq) on the back of narrowing spreads between raw materials and slabs. Profitability was also partially impacted by the export duties imposed by the Russian government. EBITDA margin decreased to 44% (-10 ppts qoq).

 

• Free Cash Flow increased to $1,114 mln (+12% qoq), partly driven by a working capital release (+$244 mln).

 

• Working capital release was mainly associated with:

 

• the decrease of trade accounts receivable (+$170 mln),
• the increase of trade accounts payable (+$54 mln).

 

 

2021 vs. 2020 ANALYSIS:

 

Consolidated operational results

 

• Production: Hot metal production reached 10.96 mln tonnes (+15% yoy), due to BF-3 commissioning in December 2020. Steel output grew to 11.65 mln tonnes (+3% yoy), driven by the EAF-1 start up in April 2021 and completion of BOF shop and casting machines upgrades.

 

• Steel sales increased to 11.1 mln tonnes (+6% yoy). Sales of semi-finished products grew by three times yoy to

1.41 mln tonnes following higher output of pig iron and crude steel, coupled with repairs in the hot-rolled shop. Sales of hot-rolled steel (incl. plates) decreased by 9% yoy to 4.8 mln tonnes mainly due to a large-scale upgrade of one of the continuous slab heating furnaces.

 

• High value-added (HVA) sales increased by 6% yoy to 5.09 mln tonnes on stronger sales of high value added hot- rolled steel (+23% yoy to 0.86 mln tonnes), cold-rolled steel (+19% yoy to 1.09 mln tonnes) and LDP (+82% yoy to

0.34 mln tonnes). The HVA share in total sales amounted to 46% (flat yoy).

 

• Raw materials sales: Sales of coal decreased by 44% yoy to 0.83 mln tonnes driven mainly by a decline in steam coal sales as a result of the decision to terminate energy coal grades' production in 1Q 2022. Sales of iron ore products decreased   by 28% to 4.33 mln tonnes, driven by the redirection of iron ore flow to own assets following the start-up of BF-3 at the end of 2020. Sales of iron ore pellets to third parties reduced by 27% yoy to 4.25 mln tonnes.

Consolidated financial results

 

• Revenue increased to $11,638 mln (+69% yoy) due to higher steel prices and growth of steel sales.

 

• EBITDA grew to $5,978 mln (+147% yoy). EBITDA margin reached a record high of 51%.

 

• Net profit totalled $4,075 mln (+301% yoy) driven by top-line growth.

 

• Free Cash Flow increased by 322% yoy to $3,539 mln, driven by higher earnings.

 

• CAPEX amounted to $1,157 mln.

 

Financial position

 

• Cash and cash equivalents increased to $418 mln (+49% qoq) on the back of strong operating cash flow.

 

• Total debt amounted to $1,816 mln (flat qoq).

 

• Net debt decreased to $1,398 mln (-9% qoq). The Net debt/EBITDA ratio improved to 0.23.

 

• A strong liquidity position, with $418 mln in cash and cash equivalents, in addition to unused committed credit lines and overdraft facilities of $1,129 mln, more than covers the Company's short-term debt of $681 mln.

 

Alexander Shevelev, CEO of Severstal Management, commented:

 

"The COVID-19 pandemic is still affecting our lives. The combination of the Delta and Omicron variants drove a dangerous tsunami of Covid-19 cases in Q4 2021 and early 2022. In this challenging environment we continue to use all our preventive measures to ensure a safe environment in the workplace for our employees and contractors. Today more than 82% of them have already been vaccinated. The total share of employees with immunity through vaccination or antibodies is already more than  88%, ensuring a safer environment for everyone.

 

We also continue to focus on injury prevention. LTIFR for our staff declined by 20% qoq to 0.74 in Q4 2021. Also we had no fatality cases in the reporting quarter. The number of injuries decreased by 1% to 97 cases in 2021. At the same time, fatal injuries decreased by 64% and major injuries - by 28%. We also developed a new strategy on health and safety management, which is essential in achieving our target of zero fatalities by 2025.

 

In Q4 2021 steel prices declined from record high levels. The residential construction crisis in China; limited automotive output as a result of the shortage of semiconductors in the EU, Turkey and Russia; and falling iron ore prices weigh on steel prices. Iron ore prices were  decreasing during the quarter, although heavy rains in Brazil and Australia coupled with La Niña impacts reversed the price trend at the very end of the year, limiting supply.

 

Despite decreased steel and iron ore prices we increased our revenue by 2% qoq to $3.267 mln due to higher sales. However, the decrease in steel prices and narrowed spreads in raw materials coupled with the export duties in force pushed down our EBITDA to $1,446 mln (-16% qoq) and EBITDA margin slipped to 44% (-10 ppts qoq). On the same time our continuous focus on   working capital management enabled us to release an additional $244 mln from working capital, resulting in an increase of FCF to $1.1bn (+12% qoq).

 

Looking back on the year, I'm proud to say, that it was a record year for Severstal. Revenue grew by 69% yoy to $11,638 mln, supported by higher sales and an increase in average selling prices. EBITDA increased by 147% compared to the previous year, reaching $5,978 mln with a record EBITDA margin of 51% (+16 ppts yoy). Free cash flow amounted to $3,539 mln which is 4 times higher compared to those in 2020 creating a solid base for a strong returns to shareholders.

 

Solid financial results strengthened our balance sheet. Total debt decreased by 30% yoy to $1,816, while Net debt/EBITDA ratio declined to 0.23 from 0.84 as at the end of Q4 2020. Severstal's strong performance in Q4 2021 and financial strength of the company enabled the Board to recommend a dividend of 109.81 roubles per share for Q4 2021.

 

Finally, I would like to note that we continue with the sale of our coal asset Vorkutaugol, the transaction is awaiting necessary regulatory approvals".

 

 

 

HEALTH AND SAFETY PERFORMANCE

 

• LTIFR among employees amounted to 0.74 (-20% qoq) in Q4 2021. The overall LTIFR for employees and contractors reached 0.7 (-20% qoq) in the reporting period.

 

• In 12m 2021 LTIFR among employees was 0.69 (+6% yoy). The overall LTIFR for employees and contractors was 0.72 (+3% yoy).

 

• In Q4 2021 no fatalities occurred. Regrettably we had five fatalities in 12m 2021 which is nine fewer than in 2020. Each of these cases was investigated with a change in some internal processes to prevent similar incidents in the future. management is not satisfied with the results to date, however we are still committed to our target of zero fatalities. We deployed the Contractor Safety Management and Fatal Injury Avoidance projects in all company business units to improve our performance in health and safety. We also have developed a new systematic approach to health and safety management, which will help us to achieve our targets. You can find more details following the link.

 

ENVIRONMENTAL PROTECTION

 

• Total emissions of air pollutants decreased by 17% qoq to 97,000 tonnes in Q4 2021 mainly due to decrease in CO emissions in Severstal Russian Steel Segment.

 

• In 12m 2021 total emissions of air pollutants grew by 5% yoy to 468,000 tonnes due to the introduction of a new ventilation trunk to Vorkutaugol and a corresponding increase in the volume of degassed methane. An increase in the production of iron ore pellets by 7.3% and an increase in the mass fraction of sulphur in the produced iron ore concentrate by 16% also led to the increase of emissions.

 

DIVIDEND

 

• The Board of Directors is recommending a dividend of 109.81 roubles per share for Q4 2021. Approval of the dividend is expected to take place at the Company's AGM on 20 May 2022.The recommended record date for the dividend payment is 31 May 2022. The approval of the record date for the dividend payment is also expected to take place at the Company's AGM on 20 May 2022.

 

MARKET UPDATE AND OUTLOOK

 

• Steel price environment remains supportive: stabilization after downward trend of 2H 2021 and rebound in the beginning of 2022 on the back of seasonal demand growth.

 

• Raw material prices showed mixed dynamics. The general downside trend was reversed by supply shortages at the end  of Q4. Heavy rains in Brazil and Australia returned iron ore and coking coal prices to levels at the beginning of the 4th quarter. China ramped up domestic coking coal production resulting in the internal market premium almost completely disappearing. However, cocking coal prices are still stay on a high level.

 

• Russian economy grew faster than expected in Q4 mainly due to higher fossil fuels prices. The rapid resumption of economic activity and supply chain disruptions led to an inflation surge around the globe. Inflation in Russia amounted to 8.4% in 2021. To curb inflation the Central Bank of Russia raised its key policy rate to 9.5% with consequential risk for the construction industry  and will probably result in lower steel demand in 2022.

 

• Our estimates and Worldsteel's data show that in 2021 steel demand globally and in Russia increased by 4.7% and 4.3%, respectively. In 2022, global and Russia's steel demand is likely to advance by 0.4% and 3.1%, respectively.

 

 

 

SEGMENT PERFORMANCE

 

Severstal Russian Steel (RSD)

 

$ million, unless otherwise stated	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Steel sales, kt	3,110	2,704	15%	11,147	10,545	6%
Semis	346	489	(29%)	1,411	473	198%
Commercial	1,354	1,067	27%	4,648	5,281	(12%)
HVA	1,410	1,148	23%	5,088	4,791	6%
Revenue	3,195	3,098	3%	11,206	6,845	64%
EBITDA	897	1,069	(16%)	3,676	1,528	141%
EBITDA margin, %	28%	35%	(7ppts)	33%	22%	11ppts

 

 

• Steel sales grew by 15% qoq on the back of strong sales of finished steel products. Commercial steel sales increased by 27% qoq to 1.35 mln tonnes mainly due to the growth of hot-rolled steel shipments to the Russian market. HVA product sales were up by 23% qoq to 1.41 mln tonnes. Share of sales to the Russian market increased to 58% (+9 ppts qoq) against the backdrop of a rapid rebound of economic activity and supply chains disruptions in Russia.

 

• Total share of high value-added (HVA) products amounted to 45% (+3 ppts qoq).

 

• Revenue was up by 3% qoq to $3,195 mln driven by sales volume increase. This was partially neutralised     by falling average prices.

 

• EBITDA contracted by 16% qoq to $897 mln, which is still well above historical average. EBITDA margin amounted to 28% (-7 ppts qoq) on narrowing price spreads.

 

• The total non-integrated cash cost of slab per tonne at the Cherepovets Steel Mill was $409/t (-19% qoq) driven by softer raw material costs. The integrated cash cost of slab amounted to $242/t (+8% qoq).

 

Severstal Resources

 

$ million, unless otherwise stated	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Сoal sales, kt	1,331	810	64%	4,588	5,890	(22%)
Iron ore sales, kt	4,773	4,560	5%	18,134	18,010	1%
Revenue	764	1,016	(25%)	3,526	1,825	93%
EBITDA	488	761	(36%)	2,507	958	162%
EBITDA margin, %	64%	75%	(11ppts)	71%	53%	18ppts

 

• Sales of iron ore increased by 5% qoq to 4.77 mln tonnes due to output growth at Yakovlevskiy GOK in line with our Strategy.

 

• Revenue from the Resources Division decreased by 25% qoq to $764 mln reflecting a decline in average selling prices. EBITDA was down by 36% qoq to $488 mln due to price. EBITDA margin decreased to 64% (-11 ppts qoq).

 

• At Vorkutaugol, the cash cost of coal concentrate per tonne decreased to $53/t (-48% qoq) due to growth of production. The cash cost of iron ore pellets per tonne at Karelsky Okatysh was flat qoq at $34/t. At Olcon, the cash cost per tonne of iron ore concentrate grew to $34/t (+21% qoq).

 

NOTES

 

1. Full financial statements are available at http://www.severstal.com/eng/ir/results_and_reports/financial_results/index.phtml.
2. Severstal's Annual Report 2021 is available at http://www.severstal.com/eng/ir/results_and_reports/annual_reports/index.phtml

 

 

 

 

A conference call on Q4 2021 and 12m 2021 results for investors and analysts hosted by Alexey Kulichenko, Chief Financial Officer, will be held on 18 February 2022 at 12.00 (London)/ 14.00 (Moscow).

 

To join the webcast (with registration form) please follow the link:

 

https://mm.closir.com/slides?id=314887

 

*We recommend that participants start dialling in 10 minutes prior to ensure a timely start of the conference call.

To join the conference call, please dial: United Kingdom Number:

+44 203 984 9844 (local access)

+44 800 011 9129 (toll free)

 

US Number:

+1 718 866 4614 (local access)

+1 888 686 3653 (toll free)

 

Russian Dial:

+7 495 283 98 58 (local access)

 

Participant code: 314887

ANNEX

 

 

1. Consolidates sales by product

 

Sales volumes Kt	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Coal:	71	127	(44%)	825	1,469	(44%)
Coking coal concentrate	46	39	18%	158	281	(44%)
Steam coal	25	88	(72%)	667	1,188	(44%)
Iron ore:	901	1,092	(17%)	4,327	6,024	(28%)
Iron ore pellets	901	1,061	(15%)	4,249	5,837	(27%)
Iron ore concentrate	-	31	(100%)	78	187	(58%)
Steel:	3,098	2,694	15%	11,100	10,500	6%
Semi-finished products	346	489	(29%)	1,411	472	199%
Hot-rolled steel:	1,407	1,115	26%	4,815	5,277	(9%)
incl. Hot-rolled high value added	225	227	(1%)	863	703	23%
Cold-rolled steel	307	248	24%	1,092	918	19%
Galvanized steel	269	216	25%	1,015	923	10%
Colour coated coil	113	86	31%	401	471	(15%)
Long steel	160	171	(6%)	651	667	(2%)
Metalware	147	139	6%	603	587	3%
Large diameter pipes	118	90	31%	343	188	82%
Other tubes, pipes, formed shapes	225	135	67%	758	997	(24%)
Steel solutions	6	5	20%	11	-	n/a

 

 

2. Russian Steel Division sales by product

 

Sales volumes Kt	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Total steel products	3,110	2,704	15%	11,147	10,545	6%
Semi-finished products	346	489	(29%)	1,411	473	198%
Hot-rolled steel:	1,407	1,115	26%	4,815	5,277	(9%)
incl. Hot-rolled high value added	225	229	(2%)	863	704	23%
Cold-rolled coil	307	248	24%	1,092	918	19%
Galvanized and metallic coated coil	269	216	25%	1,015	923	10%
Colour coated coil	113	86	31%	401	471	(15%)
Long products	172	181	(5%)	696	708	(2%)
Metalware products	147	139	6%	605	590	3%
Large diameter pipes	118	90	31%	343	188	82%
Other tubes, pipes, formed shapes	225	135	67%	758	997	(24%)
Steel solutions	6	5	20%	11	-	n/a

 

 

3. Russian Steel Division sales by destination

 

Sales volumes Kt	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Total steel products	3,110	2,704	15%	11,147	10,545	6%
Russia	1,794	1,313	37%	5,845	6,424	(9%)
Export	1,316	1,391	(5%)	5,302	4,121	29%

4. Russian Steel Division average prices

 

Sales price, $/tonne	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Semi-finished products	595	646	(8%)	607	389	56%
Hot-rolled steel	895	1,009	(11%)	844	454	86%
incl. Hot-rolled high value added	1,049	1,035	1%	885	568	56%
Cold-rolled coil	945	1,155	(18%)	962	537	79%
Galvanized and metallic coated coil	1,247	1,449	(14%)	1,174	645	82%
Colour coated coil	1,289	1,599	(19%)	1,361	802	70%
Long products	760	754	1%	688	425	62%
Metalware products	1,411	1,491	(5%)	1,255	856	47%
Large diameter pipes	855	822	4%	799	798	0%
Other tubes, pipes, formed shapes	861	986	(13%)	865	502	72%
Steel solutions	2,340	1,517	54%	1,990	n/a	n/a
Weighted average selling price	927	1,012	(8%)	888	522	70%

 

 

5. Resource Division sales

Kt	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Coal	1,331	810	64%	4,588	5,890	(22%)
Coking coal concentrate	1,306	722	81%	3,921	4,702	(17%)
Steam coal	25	88	(72%)	667	1,188	(44%)
Iron ore	4,773	4,560	5%	18,134	18,010	1%
Iron ore pellets	2,960	2,847	4%	11,453	10,942	5%
Iron ore concentrate	1,813	1,713	6%	6,681	7,068	(5%)

 

6. Vorkutaugol operating highlights

Kt	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Run of mine: coal production,	2,759	1,695	63%	8,796	10,261	(14%)
Coking coal concentrate sales	1,306	722	81%	3,921	4,702	(17%)
Internal consumption	1,260	683	84%	3,763	4,421	(15%)
Third party	46	39	18%	158	281	(44%)

 

7. Karelsky Okatysh iron ore pellets production and sales volumes

Kt	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Production	2,973	2,849	4%	11,589	10,800	7%
Pellets sales	2,960	2,847	4%	11,453	10,942	5%
Internal consumption	2,283	2,328	(2%)	9,142	10,830	(16%)
Third party	677	519	30%	2,311	112	n/a

 

 

8. Iron ore concentrate sales volumes

Kt	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Olcon	1,074	1,073	0%	4,231	4,413	(4%)
Yakovlevskiy	739	627	18%	2,437	1,820	34%
Karelsky Okatysh	-	13	n/a	13	835	(98%)
Total	1,813	1,713	6%	6,681	7,068	(5%)

 

 

 

9. Environmental protection data*

Kt	Q4 2021	Q3 2021	qoq	2021	2020	yoy
Total emissions of air pollutants (Group), kt	97	117.3	(17%)	468.1	444.1	5%
Emissions of air pollutants (Severstal Russian steel), kt	52.5	67.2	(22%)	260.6	257.7	1%
NOx, kt	2.6	2.5	5%	10.8	11.3	(5%)
SOx, kt	4.5	5.8	(23%)	24.7	25.7	(4%)
CO, kt	41.4	55	(25%)	208.8	205.5	2%
VOC, kt	0.1	0.1	(13%)	0.4	0.4	(7%)
Particulate matter, kt	3.8	3.6	7%	15.2	14.1	8%
Emissions of air pollutants (Severstal Resources), kt	44.5	50.1	(11%)	207.5	186.4	11%
NOx, kt	2.4	1	138%	5.9	4.7	25%
SOx, kt	16	20.9	(23%)	79.7	68.8	16%
CO, kt	0.8	0.7	9%	3.2	3.3	(2%)
VOC, kt	0.4	0.1	206%	0.7	0.5	50%
Particulate matter, kt	3.3	1.4	142%	9.3	8.1	14%
Specific air emissions (Severstal Russian steel), kg/t of steel	17	22.8	(26%)	22.0	22.5	(2%)

 

 

* Totals may differ from the sum of rows due to rounding

 

For further information, please contact:

 

Severstal Investor Relations Vladimir Zaluzhsky, Nikita Klimantov T: +7 (495) 926-77-66

vladimir.zaluzhsky@severstal.com na.klimantov@severstal.com

 

Severstal Public Relations

Anastasia Mishanina T: +7 (495) 926-77-66

anastasia.mishanina@severstal.com

 

Severstal's financial communications agent - Hudson Sandler

Andrew Leach / Emily Dillon T: +44 (0) 20 7796 4133

 

 

 

***

PАО Severstal is one of the world's most efficient metals and mining companies, creating new products and integrated steel solutions together with its customers and partners. The company's assets are located in Russia, Latvia and Poland. Severstal is listed on MOEX and the company's GDRs are traded on the LSE. Severstal reported revenue of $11.6 billion and EBITDA of $6.0 billion in  2021. Severstal's crude steel production in 2021 reached 11.6 mln tonnes. www.severstal.com