EARNINGS SURVEY-Severstal H1 net seen up 42 pct at $1.42 bln

* Severstal (CHMFq.L) H1 results

* Sept. 4, 0600 GMT

* Net profit average forecast $1.42 billion

MOSCOW, Sept 3 (Reuters) - Severstal (CHMF.MM), Russia's largest steel maker, is expected to post a 42 percent rise in first-half 2008 net profit on higher steel and iron ore production and prices, a Reuters survey of eight analysts showed on Wednesday.

Majority owned by billionaire Alexei Mordashov, Severstal is expected to record a net profit of $1.42 billion, the survey showed. The net profit forecasts ignored the $652 million sale of coal mines in western Siberia to ArcelorMittal (MT.N) (ISPA.AS). Analysts forecast revenues rising 35 percent to $10.42 billion and a 30 percent rise to $2.73 billion. earnings before interest, taxation, depreciation and amortisation (EBITDA).

Severstal will report its results on Sept. 4.

Renaissance Capital analysts said the increase in sales volumes was driven mainly by the consolidation of Sparrows Point, a U.S. steel mill acquired this year as Severstal widens its influence in the North American market.

Severstal also benefits from being able to supply all of the iron ore and coal requirements of its Russian steel operations.