Severstal expecting lower EBITDA in 2016
MOSCOW. Sept 23 (Interfax) - Severstal expects earnings before taxes, depreciation and amortization (EBITDA) to be lower this year than in 2015.
"EBITDA in 2016 will clearly be lower than the EBITDA level we and the whole sector for that matter showed in 2015," Alexei Mordashov, the steel major's co-owner, told reporters.
The company's EBITDA in 2015 totaled almost $2.1 billion.
Mordashov also said that Severstal would not increase dividends and that their amount would correspond to the company's dividend policy.
"We do not plan to increase dividends and plan to stick to a stable payout level in accordance with our dividend policy. However, if our debt level goes down somewhat, we may pay out a little bit more in dividends. But we do not plan to radically stray from the framework of our dividend policy, let alone increase our level of debt," he said.