* Writes off $349 mln after fall in coking coal prices
* Says 2014 coking coal price may decline year on year
* Q4 EBITDA up 12.5 pct quarter on quarter, beats forecast
(Adds details, quotes, context)
MOSCOW, Feb 27 Severstal, Russia's
second-biggest steel producer, tumbled to a fourth-quarter net
loss after taking a $349 million asset impairment charge because
of falling coking coal prices and foreign exchange losses of $83
The pricing environment for steel-related commodities was
challenging in 2013, Severstal said, pointing to the 20 percent
drop in realised prices for coking coal.
"We forecast continuing supply growth for both iron ore and
coking coal, which may result in slightly lower year-on-year
bulks prices in 2014," it added.
However, global steel demand will continue to grow in 2014,
driven by an expected bottoming-out of European demand and
further improvements in the economy of the United States, the
Severstal, controlled by billionaire Alexei Mordashov,
posted a net loss of $74 million for the fourth quarter of 2013,
against a $157 million profit in the third quarter. Revenue rose
6 percent quarter on quarter to $3.4 billion.
The company's earnings before interest, tax, depreciation
and amortisation (EBITDA) were up 12.5 percent quarter on
quarter, at $611 million, beating a consensus forecast of $578
million in a Reuters poll of analysts.
(Reporting by Svetlana Burmistrova; Writing by Polina Devitt;
Editing by Katya Golubkova and David Goodman)