Shares in Russian steelmaker Evraz surge as profits more than triple 

Shares in London-listed Evraz soared today after the Russian steelmaking giant beat analysts’ estimates with profits of $3.1bn.

Revenues for the Roman Abramovic-owned group rose by 45 per cent to $14.2bn while net profit more than tripled to $3.1bn, from $858m in 2020.

Shares in the firm jumped above 17 per cent after a major sell off yesterday as Russia launched a full scale of invasion of Ukraine.

The firm’s share price fell over 30 per cent yesterday and has plunged more than 58 per cent in the month on the whole.

Chelsea owner Abramovic saw more than  £500m wiped from his net worth in a single day earlier this month as tensions in Ukraine began to escalate.

Evraz boss Aleksey Ivanov said the firm was wary of the impact of geopolitical tensions on the firm.

“We continue to monitor the situation and will keep you updated regarding any material developments that can influence our business,” he said

Isanov said the firm had delivered “outstanding” results for the year however, as the group reported profit margins had widened to 35 per cent.

Profits had surged on the back of a major rebound in demand for steel from the construction and manufacturing sectors. Steel prices rose to their highest in year amid the uptick in demand.

Bosses unveiled an interim dividend of $729m – $0.50 per share – which they said reflected confidence in the Group’s financial position and outlook.