Losses "Severstal" have exceeded one billion dollars

The Company "Severstal" - one of the largest domestic producers of steel in 2009, a net loss of $ 1.037 billion, instead of net profit under international accounting standards (IAS) to 2.029 billion dollars in 2008 . With the proceeds steel giant fell last year by 41.7% - up to 13.054. Bln of dollars. And as of the end of last year, the net debt of "Severstal" was 4.278 billion dollars. However, in the final quarter of last year has been a tendency to reduce losses - for the period net loss under IFRS amounted to "only" 162 million dollars. To achieve this has been due to more favorable market conditions (prices, demand and production of steel) and measures to reduce costs. This year, the analysts of "Severstal" forecast further recovery in the petroleum sector and construction, as well as increased production and demand from the automotive and engineering industries. All this should boost sales of the company and return to profitability.