RE: Sberbank1 Mar 2022 21:27
It's from 2015
Evraz announces $1.3bn loss and share buy-back
Weak rouble helps Russian steelmaker improve operating profitability
© Bloomberg
April 1, 2015 7:20 am by Jack Farchy in Moscow
Shares in Evraz, the steelmaker in which Roman Abramovich is the largest shareholder, rallied 4.9 per cent after it announced a $375m plan to buy back its shares as tumbling Russian and Ukrainian currencies boosted its operating profitability in the second half of last year.
The steelmaker, Russia’s second-largest by output, is the latest Russian metals group to benefit from the weakening rouble even as the rest of the economy struggles. Rusal, the aluminium producer, swung to a net profit for the first time in three years, while Norilsk Nickel, the world’s largest nickel miner, announced its own $500m share buyback this week after profits almost trebled.
The rouble’s fall benefits metals producers since their export-driven sales are denominated in dollars while many of their costs are in roubles.