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  mass-media about company
24 January 2007
Severstal-Metiz net income grew 9-fold to RUB 722.9 mln in 2006
In 2006, Severstal-Metiz net income under RAS totaled RUB 722.899 mln, which is 9-fold more than in 2005 - RUB 80.067 mln, the company says. The company's IV Q net income amounted to RUB 107.321 mln.
The increase was due to the reorganization in the form of affiliation of the Cherepovets Rolling Mill OJSC and the Orlovsky Rolling Mill OJSC to the company, and due to the increase of gross profit and income from sales.
Severstal-Metiz is a division of the Severstal Group. The company has been operating since July 1, 2004. It manages the Tcherepovets and Orlovsky Rolling Mills and Volgometiz. In addition, in April, the Company acquired 100% shares of the British Сarrington Wire Ltd. (СWL), with an annual production volume of approximately 200,000 tons, for $35 million from Aсertec Holdings Ltd. In February, the Company purchased 60%+1 share of Ukraine's Dneprometiz OJSC, with a production capacity of some 180,000 tons, for $33 million from the TAS Group. Under the transaction, Severstal-Metiz received a buy-out option for the other 27% shares of Dneprometiz upon the year end for $14-20 million.
In 2005, Severstal-Metiz shipped 825.4 th tons of products, of which 198.1 th tons were exported.
AK&M (Russia)
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