Severstal reports H1 net profit decrease

Russian Severstal reported that the company's net profit decreased 27.6 percent year on year to Ruble 13.667 billion (approx. $510 million) in the first half of 2006 under the Russian accounting standards (RAS). Severtsal's net profit increased from Ruble 5.68 billion (approx. $212 million) in the first quarter of 2006 to Ruble 7.99 billion (approx. $298 million) in the second quarter of 2006 under the RAS.