The Russian steelmaker Severstal has announced that its 2006 net profit increased 2.3 percent year on year to Ruble 35.93 billion ($1.35 billion) under the Russian Accounting Standards.
Severstal said that the increase in its net profit was due to the company's increased sales.
In addition, Severstal's head Mr. Alexei Mordashov said that the company is planning to raise its steel output by 10 million metric tons in 2008.
As for 2007, Mr. Mordashov remarked, ‘Severstal has a positive outlook for 2007 due to the expected high prices for steel in the main (sales) regions'.