steel, iron ore and coking coal prices took a toll on OAO
Severstal during the second quarter, according to the Russian
steelmakers financial results issued Aug. 29.
posted a not loss of $44 million for the three months ended
June 30 in contrast to year-earlier net income of $155 million
on revenue that slipped 8.2 percent to $3.41 billion from $3.72
billion. The company had posted net income of $44 million in
the first quarter.
earnings before interest, tax, depreciation and amortization
(Ebitda) stood at $479 million during the quarter, down 27.9
percent from $664 million in the same period last year but up
11.4 percent from $430 million in the first quarter.
steel demand in Russia and the United States to remain "strong
with moderate upward pricing movements" for the rest of the
However, the market
will likely remain "challenging" in the medium to long
A version of this
article was first published in AMM sister publication Steel