Severstal issues Jan-Sept RAS financial results

The Russian steel producer Severstal has announced its financial results for the first nine months of 2006 under the Russian Accounting Standards (RAS). According to the January-September figures, the company's net income slid 7.4 percent year on year to Ruble 23.475 billion ($881 million). In the first nine months of 2006, Severstal's gross profit decreased to Ruble 36.939 billion ($1.38 billion) from Ruble 39.785 billion ($1.5 billion) in January-September 2005, while profit from sales fell to Ruble 34.652 billion ($1.3 billion) from Ruble 37.637 billion ($1.4 billion) for the corresponding period last year. In addition, Severstal's BoD has recommended for the approval of its shareholders a payment of dividend at the rate of two Rubles per ordinary share for the January-September 2006 period.