According to report, Russia's third largest steelmaker Severstal posted the net profits of US$155 million for the second quarter, lower than previous forecasts due to foreign exchange losses and separation of its gold unit this year
It was expected that the earning result will be US$249 million and the actual result went down from US$602 million from the same period last year.
Also, the firm's revenues dropped from US$4.4 billion in the same period of last year to 3.72 billion
However, the steelmaker still sees the seasonal pickup from construction sector in Russia and demand will be improved in the US from the automotive sector in the third quarter.
The Q2 result represents flat against the first six months in 2012