Severstal Q3 Net Profit Surges 112%

OAO Severstal reported a 112% surge in its third-quarter net profit. Severstal's quarterly net profit rose to $329 million, from $155 million, in the year-ago quarter. However, analysts were expecting a net profit of $255.3 million. Its earnings before interest, taxation, depreciation and amortization dropped 17.8% to $546 million from $664 million, while revenue fell 3.4% to $3.59 billion from $3.71 billion. Severstal's 9-month net profit dropped 42% to $912 million from $1.57 billion.