Russian steelmaker Severstal has announced its financial results for the fourth quarter and the full year of 2013. Accordingly, in the fourth quarter Severstal registered a net loss of $74 million compared to a net profit of $157 million in the third quarter. In the full year, the company's net profit amounted to $83 million, compared to a net profit of $762 million recorded in 2012, mainly negatively impacted by foreign exchange losses of $350 million and total asset impairment of $356 million.
In the last quarter of 2013, Severstal's sales revenues increased by six percent quarter on quarter to $3.384 billion, primarily due to higher realized prices at both Severstal Resources and Severstal International, and increased sales volumes at Severstal Russian Steel, while Severstal's revenues for 2013 amounted to $13.312 billion, down 5.6 percent compared to the previous year due to weaker selling prices although Severstal International achieved stable revenues year on year despite price softening. At the same time, Severstal's EBITDA in 2013 decreased by 4.4 percent year on year to $2.063 billion, while its EBITDA margin for the year was 15.5 percent, up from 15.3 percent recorded in 2012.
