The Italian operations halt had reportedly hit the persistent profit for Severstal, Russia's largest steel producer, which was then put up for sale.

Severstal though is said to have missed analysts' expectations yet in the second quarter it has made a comeback into the profit market with a net profit of $192m. This profit came in the period between April and June.

During the same period in the year 2009, the Company had reportedly made huge losses. The revenues for the Company are said to have increased by 35% to $4.2bn in the year 2010 in the second quarter, in opposition to the first one.

Chief Executive Alexey Mordashov said, "We are well placed to exploit the opportunities in our markets given our competitive cost base, vertically-integrated model and strong financing position”.

Severstal too is said to have made a statement saying that despite the Company bearing all the material, energy, higher raw and transportation costs, it still managed to boost its production volumes along with higher sale prices and improved operational competence. In short, all the divisions benefitted from the same.

Also, though the Company as such did not intend to call in for payment of a dividend for the second quarter 2010, but at the same time it did wish that such payments would continue.