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Steel producer Severstal back to quarterly profit | Steel producer Severstal back to quarterly profit |
(about 2 hours later) | |
Severstal, Russia's largest steel producer, returned to profit in the second quarter, but missed analysts' expectations. | Severstal, Russia's largest steel producer, returned to profit in the second quarter, but missed analysts' expectations. |
It made a net profit of $192m (£125m) between April and June. It made a loss of $290m in the same period in 2009. | It made a net profit of $192m (£125m) between April and June. It made a loss of $290m in the same period in 2009. |
The profit was hit by a loss from Severstal's discontinued Italian operations, which are up for sale. | The profit was hit by a loss from Severstal's discontinued Italian operations, which are up for sale. |
Severstal also said that restructuring its loss-making US assets was "the highest priority" for the company. | Severstal also said that restructuring its loss-making US assets was "the highest priority" for the company. |
No dividend | No dividend |
The company's revenues rose by 35% to $4.2bn in the second quarter of 2010 in comparison with the first quarter and by 47% in comparison with the April-June period a year ago, exceeding analysts' estimates. | |
"All divisions benefited from increased production volumes, higher sale prices and enhanced operational efficiency whilst absorbing higher raw material, energy and transportation costs," Severstal said in a statement. | "All divisions benefited from increased production volumes, higher sale prices and enhanced operational efficiency whilst absorbing higher raw material, energy and transportation costs," Severstal said in a statement. |
Chief executive Alexey Mordashov said: "We are well placed to exploit the opportunities in our markets given our competitive cost base, vertically-integrated model and strong financing position." | Chief executive Alexey Mordashov said: "We are well placed to exploit the opportunities in our markets given our competitive cost base, vertically-integrated model and strong financing position." |
The company said that its board was not recommending payment of a dividend for the second quarter 2010, but expected the resumption of such payments "in the foreseeable future". | The company said that its board was not recommending payment of a dividend for the second quarter 2010, but expected the resumption of such payments "in the foreseeable future". |
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