Severstal said on Monday that its net profit calculated to International Financial Reporting Standards (IFRS) had increased 60.7%, year-on-year, in January-September 2007 to $1.33 billion, RIA Novosti reports.
Severstal, which accounts for over 16% of Russian steel output, and has industrial facilities in Russia, the United States, Italy, France, Britain, and Ukraine, said its consolidated revenues in the reporting period increased 23.7% to $11.28 billion as a result of higher average prices, volume growth and product mix improvements.
"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 whole year," Severstal CEO Alexei Mordashov said.