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19-07-2007  Severstal to build new plant | |
 Severstal, the country's largest steel company, announced plans to build a steel mini-mill in the Saratov region. It will be located at the Bykovo-Otgorskoye settlement, 160 km from Saratov, and will create 400 new jobs. The plant, expected to go online in 2010, will produce 1 million tonnes of reinforced steel a year. The total project worth is estimated at $500 million. The mini-mill will use metal scrap as a feedstock eliminating the first “black” processing cycle, which will reduce the environmental impact to zero. A memorandum of intent for the plant's construction will be signed by Pavel Ipatov, Governor of the Samara Region, and Severstal representatives, on July 18, 2007. Severstal is a vertically integrated steel company with production facilities in Russia, Europe and the United States. Its net profit in the first three months of this year climbed 82.5 percent to $396 million (in accordance with IFRS), up from $217 million in the same period of last year. Severstal’s revenue increased by 34.9 percent to $3.677 billion, against $2.725 billion in the first quarter of 2006. In 2006, the company’s consolidated net profit dropped 30.4 percent to $1.181 billion, in accordance with IFRS. Revenue was up 19.1 percent at $12.423 billion, operating profit declined 15.8 percent to $1.954 billion, and EBITDA was up 4.7 percent at $2.987 billion. "Alliance Media" News Agency, based on the story by RBC 
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