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.