Severstal posted a wider fourth-quarter loss after deciding to sell U.S. plants and revaluing its unprofitable Italian unit.
Severstal reported a net loss of $352 million, compared with a loss of $162 million a year earlier, it said Thursday.
The steelmaker posted a $1.94 billion full-year loss from discontinued operations at its U.S. plants and at Italian unit Lucchini, resulting in a $577 million net loss for the year. Severstal sold 51 percent of Lucchini in June and is seeking to sell the rest once it completes $767 million of debt restructuring at the division.
The company offered three of its five U.S. plants for sale after the mills became unprofitable.
The Severstal Resources division reported earnings before interest, tax, depreciation and amortization of $510 million in the fourth quarter, accounting for 57 percent of overall EBITDA. Total sales rose 7.5 percent to $3.73 billion in the quarter, while full-year sales jumped 42 percent to $13.6 billion.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
