NEW YORK OAO
Severstals North American operations posted lower
financial results in the fourth quarter as an unplanned outage
at its Dearborn, Mich., mill reduced output, the Russian
The Moscow-based companys
Severstal International unit, which includes its Dearborn and
Columbus, Miss., steel works, recorded revenue of $810 million
in the fourth quarter, down 11 percent from $910 million in the
third quarter, while earnings before interest, taxes,
depreciation and amortization (Ebitda) per tonne fell to $6
from $16 in the same comparison.
Severstal partially attributed
the weaker results to a November pipe explosion at the Dearborn
mill, which resulted in a two-week outage (
amm.com, Nov. 28). Lower realized steel prices, a
decrease in selling volumes and a write-off related to
provisions against receivables at Severstals coke
production venture, Mountain State Carbon LLC, also contributed
to the lower results, it said.
For all of 2012, Severstal International logged a net loss
of $258.8 million on revenue of $3.9 billion.