Severstal registers net loss in 2009

09.03.2010 (13:20)

Severstal's net loss under IFRS amounted to $1.037bn in 2009 compared to a net profit of $2.029bn in the previous year, the Russian vertically integrated steel producer indicated in its statement.

The company's revenue dropped 41.7 percent to $13.054bn, while EBITDA slumped 84.2 percent to $844m, and EBITDA margin stood at 6.5 percent (down from 23.9 percent in 2008). Operating loss reached $145m against an operating profit of $4.216bn in 2008.

Severstal's net debt amounted to $4.278bn as of December 31, 2009, down from $4.727bn as of September 30, 2009. Furthermore, total debt slid to $7.227bn in 2009.

"Last year proved to be quite hard for the world's steel industry, but our decisive measures allowed the company to strengthen its position, and the forecast for 2010 has been improved," Severstal's General Director Alexei Mordashev commented on the financial results for 2009.

www.rbcnews.com 

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