KARIBU MAISHANI

KARIBU MAISHANI

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Monday, August 30, 2010

Largest producer of steel in Russia reported 290 millions USD loss




Steel ProducerLargest steel producer Severstal reported a loss of 290 million dollars for the second quarter, forward Bloomberg. Over the same period last year, the company made a profit of 1.5 billion dollars. Most of them are generated by the North American division of a company – 236 million dollars. This will lead to a restriction of certain manufacturing processes there, the company said in the circulation to the media. The decline in sales is 54% to 2.85 million. Despite the negative news the company’s shares rose by 2.1 rubles, or 1 percent to 206 rubles. Since the beginning of the year the company doubled its market capitalization, currently it is estimated at 6.6 billion dollars.
The company is in bad situation in the years of financial fraud.

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