17:41 GMT +318 October 2018
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    Steelmaker Severstal posts 60.7% rise in IFRS net profit in 9M07

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    MOSCOW, December 3 (RIA Novosti) - Severstal [RTS: CHMF] said on Monday that its net profit calculated to International Financial Reporting Standards (IFRS) had increased 60.7%, year-on-year, in January-September 2007 to $1.33 billion.

    Severstal, which accounts for over 16% of Russian steel output, and has industrial facilities in Russia, the United States, Italy, France, Britain, and Ukraine, said its consolidated revenues in the reporting period increased 23.7% to $11.28 billion as a result of higher average prices, volume growth and product mix improvements.

    "As a result of operational improvements, a robust and growing Russian economy, and relatively strong prices in other world markets, the board remains confident of meeting market expectations for the whole year," Severstal CEO Alexei Mordashov said.

    Severstal, which produced 17.6 million metric tons of steel last year, said its gross profit in the reporting period had increased 32.9% to $3.3 billion and profit from operations had climbed 44.1% to $2.03 billion due to positive steel prices and cost control measures.

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