Severstal's raw materials unit lowers Q4 earnings

摘要

Russian steel and mining group Severstal said its Steel Resources unit had lower revenue and earnings in the fourth quarter of 2011 due to weaker pricing and sales volume across most of its iron ore and coking coal assets in Russia and the US. Steel Resources saw Q4 EBITDA fall to 344 million dollars from 460 million dollars in the preceding three months, with the company citing further impact from a 52 million dollars one-off provision related to accounts receivables and derivatives liability.