Russia's OAO Severstal reported an 89.7% drop in its first-quarter net profit.

Severstal's quarterly profit fell to $44 million, from $427 million, in the year-ago period. However, analysts were expecting a net profit of $69 million.

Its earnings before interest, taxation, depreciation and amortization declined 24.8% to $425 million from $565 million, while revenue dropped 9.7% to $3.3 billion from $3.7 billion.

About Severstal
Severstal is one of the world’s leading vertically integrated steel and steel related mining companies. With approximately 70,000 employees, Severstal have assets in Russia, the USA, the Ukraine, Latvia, Poland, Italy, Liberia as well as investments in Brazil.