Russian steel giant Severstal has reported a 370 fold drop in profit to 57 million rubles, with revenue down 18 percent and EBITDA down 54 percent.

Russian steel giant Severstal has reported a 370 fold drop in profit to 57 million rubles, with revenue down 18 percent and EBITDA down 54 percent. Cash reserves fell 96 percent while negative cash flow widened, signaling a deepening crisis across Russia’s steel sector.