MOSCOW, September 4 (RIA Novosti) - Russian steelmaking giant Severstal said on Thursday its net profit to International Financial Reporting Standards (IFRS) grew 69% year on year to $1.94 billion in the first six months of 2008.
The company posted a 36.3% rise in earnings to $10.55 billion for the period.
EBITDA (earnings before interest, taxes, depreciation and amortization) rose 34.4% to $2.78 bln and gross profits were up 23.6% at $3.15 bln.
The company said EBITDA would reach up to $6.1 bln in 2008, almost double the 2007 level.
Severstal accounts for over 16% of Russian steel output, and has production facilities in Russia, the United States, Italy, France, Britain, and Ukraine.
The company is listed on the Russian and the London stock exchanges. In 2007, it produced 17.5 mln tons of steel and reported a $15.2 bln revenue.
