Full Year Results 

Evraz on a tear

Evraz on a tear

Earnings before interest, tax, depreciation and amortisation (Ebitda) is an unusual profit metric to measure dividends against, particularly for a capital-intensive resource company with big debts and a rising tax bill. But Evraz (EVR) is an unusual company, particularly when it comes to capital management, and by this point it’s unsurprising to see the group confirm that it paid shareholders $1.6bn (£1.2bn) of the $3.8bn-worth of Ebitda it generated in 2018.

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