MOSCOW, May 16 (RIA Novosti) - Severstal [RTS: CHMFG], one of Russia's leading steel manufacturers, said Wednesday its revenue according to Russian Accounting Standards rose 38.6% year-on-year in the first quarter of 2007, to 44.6 billion rubles ($1.7 billion).
The company said the rise followed a price increase in its products and growth in commercial steel supplies to the domestic market.
Earlier reports said Severstal's net profit in the same period amounted to 9 billion rubles ($350 million), up 64% against the first quarter of 2006.
Severstal is the head company of Severstal Group and its metals division. As of December 27, 2006, 82.8% of the company's authorized capital was directly or indirectly owned by Alexei Mordashov.
