October 16, 2008

Severstal H1 net profit up by 61.2% YoY

RIA Novosti reported that Severstal net profit calculated to Russian Accounting Standards rose to 61.2% YoY in January to June 2007 to RUB 22.04 billion (USD 850 million). Severstal attributed the rise to higher sales.

Severstal accounts for over 16% of Russia's aggregate steel output. It has production facilities in Russia, US, Italy, France, UK and Ukraine. Its 2006 sales grossed 17.6 million tonnes.

Severstal expanded steel output 2.3%YoY in 2006 to 11 million tonnes.