* H1 2013 loss $122 mln vs $46 mln loss in H1 2012
* Core profit at $939 mln, 12 percent above forecast
* Sees challenging H2
MOSCOW, Aug 29 Russia's largest steelmaker Evraz
recommended scrapping its interim dividend on Thursday
as it posted a first-half net loss of $122 million, in line with
analyst expectations due to weak steel prices.
The firm's loss was 165 percent deeper than in the same
period of 2012, but shares rose 5 percent after earnings before
earnings before interest, taxes, depreciation and amortisation
(EBITDA) came in 12 percent above forecast at $939 million.
Steelmakers across the world have been struggling to cope
with flagging prices as a growth slowdown in China and Europe's
debt crisis hit construction and industrial production.
"The global steel market is expected to remain challenging
during the second half of the year as structural problems
continue to dominate the industry, with estimated global
capacity utilisation to remain at 75 percent," the firm said in
The company, partly owned by Chelsea soccer club owner Roman
Abramovich, said revenue fell 3 percent to $7.4 billion
Evraz's sector peers Severstal and MMK
both reported losses this week.
The firm, which paid a first-half dividend in 2012, said it
had recommended its board not pay an interim dividend for the
first half of 2013.