Severstal, Russia's second largest steel producer, said its net profit calculated to Russian Accounting Standards fell 7.4% year-on-year in January-September, to 23.5 billion rubles ($879 million), RIA Novosti reports.
The company said that July-September net profit gained 22.73% quarter-on-quarter to 9.8 billion ($367 million), due to a rise in sales profits.
Severstal OJSC is a manufacturer of hot-rolled, cold-rolled and galvanized steel and slabs. In 2005 Severstal produced 10.8 million tons of steel and shipped 9.8 million tons of rolled products.