Metallurgy Commercial Bank was founded in 1990 on the basis of a metallurgy branch of the Promstroybank of the USSR. Its main shareholders also include Severstal-Metiz and Severstal-Group.
Severstal produced 10.8 million tonnes of crude steel in 2005. The company has leading positions in both flat and long steel products. Severstal recently attempted to merge with Luxembourg-based Arcelor SA, but lost out to rival Mittal Steel.
Severstal said in August its revenue calculated to Russian Accounting Standards fell 27.4% in the first six months of 2006 year-on-year, to 72 billion rubles ($2.7 bln). The company's gross profit fell 24.5% in the reporting period, to 22.1 bln rubles ($810 mln) and pre-tax profit declined 25.5%, to 18.6 bln rubles ($688 mln).
