Severstal's net profit down 1.8 times in Q1

Russian steelmaker Severstal's net profit under the Russian accounting standards decreased 1.8 times year on year to Ruble 5.676 billion (approx. $210.030 million) in the first quarter of 2006. The company's revenue from sales slid from Ruble 14.616 billion (approx. $540.922 million) to Ruble 8.627 billion (approx. $319.205 million) and EBITDA dropped from Ruble 13.498 billion (approx. $499.608 million) to Ruble 7.623 billion (approx. $282.211 million) during the same period.