Russian Severstal reports USD150m loss in Q4

Tuesday 5th March, 2013

(MENAFN) Billionaire Alexey Mordashov’s steelmaker OAO Severstal reported a quarterly loss, over lower steel prices because of weaker global economy and lower domestic demand, Bloomberg reported.The Russian firm said it booked USD150 million net loss during the fourth quarter of 2012, versus USD329 million profit in the previous quarter.Severstal said sales declined by 13 percent in the quarter to USD3.12 billion, while steel prices fell over weaker demand and China increased exports.Earnings before interest, taxes, depreciation and amortization slumped 36.4 percent to USD347 million.For full-…

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