MOSCOW, March 17 (RIA Novosti) - Severstal [RTS: CHMF] said on Monday its net consolidated profit calculated to International Financial Reporting Standards (IFRS) had increased 30.5%, year-on-year, in 2007 to $1.97 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 22.9% to $15.24 billion.
"These positive results show that we are continuing to grow our business well, particularly in Russia. Severstal's vertically integrate business model is well-placed to prosper in today's volatile markets," Chris Clark, Severstal non-executive chairman, said.
Severstal produced 17.5 million metric tons of steel last year or about the same amount registered in 2006.
