Billionaire Mordashov's Severstal Swings to Profit on U.S. Steel Recovery

OAO Severstal, the Russian steelmaker controlled by billionaire Alexei Mordashov, had net income of $192 million in the second quarter after posting losses in the previous and year-earlier quarters.

That missed the $280 million median estimate of nine analysts surveyed by Bloomberg. Sales rose 35 percent from the previous three months to $4.25 billion, Severstal said in a regulatory filing today.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

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