Severstal Sees 112.5% Increase in Nine Month Profit

Nov. 18, 2008
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

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