Steel maker Severstal posts 74% rise in 1H IFRS net profit

Subscribe
MOSCOW, September 10 (RIA Novosti) - Severstal [RTS: CHMF] reported Monday a 74% increase in net profit calculated to International Financial Reporting Standards (IFRS) to $999 million in the first half of 2007 against $426 million in the same period last year.

The company's sales went up 31.1% to $7.7 billion against $5.9 billion in January-June 2006. The company's earnings before interest, taxes, depreciation and amortization (EBITDA) rose 60.7% to $2 billion in the reporting period against $1.3 billion in the first half of 2006.

Severstal accounts for over 16% of Russian steel output, and has industrial facilities in Russia, the United States, Italy, France, Britain, and Ukraine.

Last year the company produced 17.6 million metric tons of steel.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала