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Russian steelmaker Severstal posts Q2 net loss of $662 mln
July 30, 2014 / 6:21 AM / in 3 years

Russian steelmaker Severstal posts Q2 net loss of $662 mln

MOSCOW, July 30 (Reuters) - Severstal, Russia’s second-biggest steel producer, posted on Wednesday a second-quarter net loss of $661 million, underperforming analysts’ expectations because of losses resulting from the sale of its U.S. assets.

Excluding this $1.1 billion non-cash loss and a positive foreign exchange gain of around $200 million, Severstal would have posted profit of $206 million in the second quarter, the company said. A Reuters poll had forecast profit of $249 million.

The firm, controlled by billionaire Alexei Mordashov, said earnings before interest, taxation, depreciation and amortisation (EBITDA) were up 14 percent, quarter-on-quarter, at $606 million, while revenue rose 8.2 percent to $3.3 billion. (Reporting by Alessandra Prentice; Editing by Maria Kiselyova)

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