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    Steel maker Severstal RAS net profit up 61% in 1H07, to $850 mln

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    MOSCOW, July 30 (RIA Novosti) - Severstal [RTS: CHMF] said Monday its net profit, calculated to Russian Accounting Standards (RAS), rose 61.2% in the first six months of 2007, year-on-year, to 22.04 billion rubles ($850 million).

    Russia's second-largest steel producer attributed the rise to higher sales.

    Severstal accounts for over 16% of Russia's aggregate steel output. It has production facilities in Russia, the United States, Italy, France, the U.K. and Ukraine. Its 2006 sales grossed 17.6 million metric tons.

    Severstal expanded steel output 2.3%, year-on-year, in 2006, to 11 million metric tons.

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