Severstal Returns to Q1 Profit, Plans Share Sale

Severstal returned to profit in the first quarter after boosting revenue and selling U.S. assets, and said it will sell shares to reduce debt. Severstal posted net income of $531 million in the period, compared with a net loss of $785 million a year earlier, the Cherepovets-based company said Tuesday in a statement. Sales rose 36 percent to $3.73 billion. The steelmaker benefited from “strong market conditions and disposal of the underperforming […]