In 2013, the net loss of Russian steelmaker Ashinskiy Metallurgical Works (Ashinskiy) increased by 10.5 times compared to 2012, rising to RUB 755.5 million ($21.4 million), according to Russian media sources. The reasons for the surge in its losses included the toughening of competition in the Russian steel market, the reductions in average sales prices and in sales volumes in the domestic market, the reduction in investment activity of consumers, and the negative difference in currency exchange in connection with the growth in the euro rate for currency loans raised for the reconstruction of the steel rolling shop.
Meanwhile, in 2013 Ashinskiy's sales revenues decreased by 12.2 percent year on year to RUB 12.925 billion ($366.4 million).
