Russian coal and steel maker Evraz SA reported Wednesday that annual profits rose 53 percent to $2.2 billion dollars.
The 2007 profits were boosted by increased sales and a 74-percent surge in sales of vanadium, which is used to make alloys.
Revenues soared to $12.58 billion, compared with $8.16 billion in 2006.
"The growing world steel markets, and in particular the booming Russian market, supported our strong product pricing and our improved product mix helped us gain additional profit," CEO Alexander Frolov said in the statement.
Evraz has expanded overseas by buying Oregon Steel Mills in the United States last year. Last month it announced that it would buy Canada's IPSCO for $4 billion. It also owns steelworks in Italy and the Czech Republic.
Soaring sales drive profit at Evraz - News Wires - CNBC.com
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