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Evraz have declared an interim dividend for 2020 of US$291.37 million, reflecting the Board's confidence in the Group's financial position and outlook

Investment Tools Ltd.
Evraz have declared an interim dividend for 2020 of US$291.37 million, reflecting the Board's confidence in the Group's financial position and outlook

Given the performance throughout 2020, EVRAZ has announced an interim dividend. 

On 5 August 2020, the Board of Directors voted to disburse a total of US$291.37 million, or US$0.20 per share. 

The record date is 21 August 2020 and payment date is 2 October 2020. 

The interim dividend will be paid in US dollars, unless a shareholder elects to receive dividends in UK pounds sterling or euros. The last date for submitting a currency election will be 24 August 2020. All conversions will take place on or around 26 August 2020.

Other financial highlights include:

• Positive free cash flow of US$315 million (H1 2019: US$692 million).

• Consolidated EBITDA totalled US$1,073 million, down 27.6% YoY from US$1,482 million in H1 2019, driving the EBITDA margin down to 21.5% from 24.1% due to lower vanadium, coal and steel product prices. This was partly offset by a US$251 million effect from cost-cutting and customer focus initiatives.

• Total debt increased by US$229 million to US$5,097 million, net debt increased by US$288 million to US$3,733 million.

• Net profit was US$513 million, compared with US$344 million in H1 2019.

• The cash cost of steel and raw materials in Russia was lower or flat: 

o The cash cost of slabs decreased to US$210/tonne from US$230/tonne in H1 2019

o The cash cost of washed coking coal was flat at US$34/tonne in H1 2020 over H1 2019 

o The cash cost of iron ore products was flat at US$38/tonne in H1 2020 over H1 2019 

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