Severstal Sees 112.5% Increase in Nine Month Profit

Company saw sharp increase in price and volume

Russian steelmaker Severstal, on Nov. 18, reported a 112.5% gain in nine-month net earnings on to $3.24 billion dollars compared with the same period last year.

At the operating level earnings rose 69.4% to $4.98 billion from sales of $18.152 billion, a gain of 60.6%.

"The sharp increase in prices and volumes were the key drivers" of the profit rise from January to September, "as well as the consolidation of new U.S. assets in the second and third quarters," the company said.

Severstal has acquired steel group Esmark and coal producer PBS Coals.

Copyright Agence France-Presse, 2008

TAGS: None
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.