* Posts net loss of $572 million
* To pay dividend of 6 cents p/s after asset sale
* 2013 dent/EBITDA ratio 3.6
(Adds detail, quote)
MOSCOW, April 9 Russia's largest steelmaker,
Evraz, posted on Wednesday a 2013 net loss of $572
million, 35 percent deeper than in 2012 due to "cyclical
headwinds" and said the political standoff with Ukraine could
hit its business.
The $500-billion-a-year steel industry, a gauge of the
health of the global economy, suffered last year from a drop in
demand from Europe and worries about the outlook for the Chinese
Evraz, controlled partly by Chelsea soccer club owner Roman
Abramovich, said 2014 had got off to a mildly positive start but
cautioned that geopolitical risks remain.
"The geopolitical developments around Ukraine could have an
impact on our operations, as we have assets both in Ukraine and
Russia. However, to date our operations have not been adversely
affected," the company said.
Kiev has accused Moscow of orchestrating unrest in its
eastern regions, heightening fears of Russian military
intervention after Russia annexed its Crimea region last month.
Evraz's Ukrainian business generated 7 percent of the firm's
total consolidated revenue last year.
In 2014, Evraz plans to focus on cutting costs to reduce
operating expenditure by $350-400 million and reducing its debt.
Evraz's board has recommended a dividend of 6 cents per
share as a result of the sale of its Czech unit Vitkovice, but
the firm has revised its overall policy and will only pay
regular dividends in the future when its net debt to EBITDA
ratio is below 3.0.
The firm's debt to EBITDA ratio, a key measure of a
company's ability to service its debt, stood at 3.6 in 2013.
Last year revenue fell 2.1 percent to $14.4 billion, while
consolidated earnings before interest, taxes, depreciation and
amortisation (EBITDA) fell 10 percent to $1.8 billion.
(Reporting by Alessandra Prentice, editing by Elizabeth Piper)