Reuters reported that Severstal, Russia second largest steelmaker expects capital expenditures to reach about USD 1.7 billion next year after saying in June it targeted 2011 CAPEX at USD 2 billion.

Mr Alexei Kulichenko chief financial officer told analysts during a conference call recently that "Our business plan approval will happen by the end of December, but you can expect it to be in the range of USD 1.7 billion excluding Nord Gold."

Earlier Severstal reported third quarter net profit of USD 429 million down from USD 602 million in the second quarter and missing expectations of USD 477 million in a Reuters poll of analysts due to USD 266 million of FOREX losses on the weaker rouble.

(Sourced from Reuters)