Severstal Q1 Net Profit Down 18%

Russia's OAO Severstal reported an 18% drop in its first-quarter net profit. Severstal's quarterly net profit declined to $427 million, versus $519 million in the year-ago period. However, analysts were expecting a net profit of $269 million. Its earnings before interest, taxation, depreciation and amortization fell 30% to $562 million, versus $798 million. Severstal's revenue gained 5.6% to $3.68 billion from $3.48 billion.