Source AP ©

Severstal's net profit rises to 1.3 billion dollars

Russian steelmaker JSC Severstal announced 59 percent net profit increase in the first 9 month of the year due to continued growth in world steel prices.

Net profit rose to US$1.3 billion (888.7 million euro) in the nine months through Sept. 30 from US$825 million in the same period a year earlier, the company said in a statement.

Sales for the period gained 24 percent to US$9.1 billion (EUR$6.22 billion).

"As a result of operational improvements, a robust and growing Russian economy, and relatively strong prices in other world markets, the board remains confident of meeting market expectations for the full year," Chief Executive Alexey Mordashov said in a statement.

Separately, Severstal also announced that it would buy 100 percent of the holding company Baracom from Mordashov for US$84.4 million (EUR57.7 million). As a result, Severstal will acquire control a 79.9 percent controlling stake over SeverCorr.

SeverCorr is Severstal's and its American partners' mini-mill in Columbus, Mississippi. The plant can produce up to 1.3 million tons (1.43 million U.S. tons) of high-quality steel a year.

Severstal shares fell 4.1 percent to US$22.45 (EUR15.35) on the London Stock Exchange.

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