Severstal increases net income in the first half of 2003
Russian steelmaker Severstal has reported its net income according to Russian accounting standards. The company posted its net income as Rubles 9.2 billion (approx. $303 million) in the first six months of 2003 against Rubles 1.2 billion losses in the same period last year. Severstal tripled its operating income to Rubles 12.5 billion (approx. $410 million). Also, sales revenue raised to Rubles 39 billion (approx. $1.28 billion), by 58.3% in the first half of 2003. In the first half of 2003, Severstal's operating expenses reached to Rubles 28.9 billion (approx. $950 million). Furthermore, the company raised its steel production by 6.2% to 4.9 million tons in the first six months of 2003.