Russian steelmaker MMK posts $79 mln net loss, misses fcast

MOSCOW, June 20 Fri Jun 20, 2014 2:13am EDT

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MOSCOW, June 20 (Reuters) - Russian steelmaker MMK reported on Friday a $79 million net loss for the first quarter, missing by a wide margin analysts' expectations of a $10.3 million loss.

The company said its bottom line was hit by an exchange loss of $118 million. In the first quarter of 2013 MMK made a net profit of $19 million. (Reporting by Maria Kiselyova; Editing by Lidia Kelly)

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