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Evraz (EVR) reported 2011 adjusted EBITDA of $2.90B, slightly below the Street’s $2.953B, but a 23% gain from 2010, on revenues of $16.4B, a 22% increase. Management attributed 92% of the revenue growth to price increases, while higher iron ore and coking coal prices led to EBITDA growth from the company’s Mining segment.

Guidance was for a modest increase in steel consumption in 2012, led by demand from emerging markets, with the market remaining volatile.  Evraz expects Russian construction steel demand to reach pre-crisis levels in 2012, with long product growth of 10%.

The company’s mills in Russia are running at 100%, while those in North America are running at 90%.

Our full report is available to subscribers only and provides further thoughts on Evraz Group’s full-year 2011 earnings report and conference call as well as the implication for the stock and other equities.

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