Severstal profit drops 74 per cent

Russia’s third-largest steelmaker Severstal slumped to a 74 per cent profit drop in the second quarter of this year, to $155m (£98m). The company cited foreign exchange losses and the spinoff of its gold mining business, Nordgold, earlier this year for the drop in profits. Over the first half profit slid 49.1 per cent to $582m from $1.1bn. Revenue over the first half was also modestly lower, at $7.4bn from $7.6bn the year before.