Russian steelmaker Severstal has announced its financial results for both the first half and second quarter of 2011. Accordingly, Severstal's crude steel production increased by six percent quarter on quarter to 3.87 million mt in the second quarter.
While Severstal's Russian Steel division reported a one percent increase in rolled steel production in the second quarter, Severstal North America posted a seven percent decrease, both compared to the previous quarter. On the other hand, during the second quarter the mining division of the company, Severstal Resources, increased its iron ore production by 20 percent quarter on quarter to 3.7 million mt.
As regards intercompany sales, Severstal stated that in the second quarter coal sales decreased by two percent to 1.74 million mt, iron ore sales increased by 48 percent to 1.3 million mt and rolled product sales decreased by one percent to 2.72 million mt, all compared to the previous quarter.