Severstal’s profit up in the first half of 2003
Russian steel producer
Severstal reported its net profit according to international accounting standards.
Company announced a net profit of $269.6 million for the first half of 2003 against a loss of $3.5 million recorded in the same period of 2002.
Furthermore, pre-tax profit was up to $359.3 million in the aforementioned period from $15.6 million reported in the first half of 2002 while sales rose to $1.5 billion from $880.3 million.