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Russia's Evraz Group S.A. metals giant said on Tuesday
Russia's Evraz Group S.A. metals giant said on Tuesday its net profit calculated to International Financial Reporting Standards declined 11.2% year-on-year in 2008 to $1.87 billion.

The company's revenues climbed 58.5% in the reporting period to $20.38 billion.

Operating profit grew 7.3% to $3.72 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) grew 46.9% to $6.32 billion.

Evraz Group said it would not pay dividends for 2008 and "would resume dividend payments only after the completion of the anti-crisis plan and the market's recovery."

The Russian company has three steel-making subsidiaries in Siberia, and controls the Palini e Bertoli steel plant in Italy and Vitkovice Steel in Czech Republic. In January 2008, Evraz closed a deal to acquire the U.S.-based steel company Claymont Steel.


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