Write-offs push Russian steelmaker Severstal to Q4 net loss

MOSCOW Thu Feb 27, 2014 2:05am EST

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MOSCOW Feb 27 (Reuters) - Severstal, Russia's second-biggest steel producer, posted a fourth-quarter net loss of $74 million on Thursday due to an asset impairment of $349 million and forex losses of $83 million.

Excluding the non-cash items, Severstal would have had a net profit of $358 million in the fourth quarter, it said in statement. A Reuters poll of analysts predicted profit of $216 million for the period.

The firm, controlled by billionaire Alexei Mordashov, said earnings before interest, taxation, depreciation and amortisation (EBITDA) were up 12.5 quarter-on-quarter at $611 million, while revenue increased 6 percent to $3.4 billion. (Reporting by Svetlana Burmistrova; Writing by Polina Devitt, editing by Elizabeth Piper)

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