Russia's Severstal posts 7.4% y-o-y drop in 9M06 RAS net profit

MOSCOW, October 30 (RIA Novosti) - Severstal [RTS: CHMF], Russia's second largest steel producer, said Monday its net profit calculated to Russian Accounting Standards fell 7.4% year-on-year in January-September, to 23.5 billion rubles ($879 million).

The company said that July-September net profit gained 22.73% quarter-on-quarter to 9.8 billion ($367 million), due to a rise in sales profits.