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Steel maker Severstal's 1Q06 net profit falls 36.69%

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MOSCOW, April 28 (RIA Novosti) - Severstal (RTS: CHMF) said Friday its net profit had fallen in the first quarter of 2006 by 36.69% year-on-year, to 5.676 billion rubles ($207.4 million).

"Net profit fell due to a decrease in sales income," the steel maker said in a statement.

In 2005, Severstal's consolidated net profits, calculated to International Financial Reporting Standards, declined 8.3% year on year to $1.29 million.

Severstal is the parent company of Severstal-Group holding and its metals division. The company's principal shareholders are Kapital (66.12%) and Jadeglide Limited (16.63%).

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