Severstal reports first half results
Russias
Severstal, a leading integrated steelmaker known for its flat products, released on Friday (October 7) consolidated financial results for the first half of 2005.
The results, based upon international accounting standards (IAS), show that
Severstals sales grew 51 percent year on year, from $2.72 billion to 4.12 billion, in the first half. However, cost of goods sold rose at a slightly higher 56 percent, from $1.68 billion to $2.62 billion.
The Russian steelmaker posted a net profit of $741 million for the first half of 2005, up 35 percent year on year.