The owner of Evraz Claymont Steel is expected to skip the final dividend of the year as the company posted a loss for 2012.
The company posted a $335 million loss for the year on revenue of $14.7 billion. The company posted earnings of $453 million in 2011. It did have 2012 operating cash flow of $2.1 billion, compared to $2.6 billion a year earlier.
Alexander Frolov, CEO, commented on the financial results of Evraz: “The year 2012 was characterized by challenging trading conditions for the global steelmaking industry. Although some recovery was seen during the first half of the year, there was a significant deterioration in sentiment towards the year end. As a result, steel and raw material markets remained highly volatile with global steel industry capacity experiencing substantial under utilization. The subdued steel and raw materials pricing environment impacted Evraz’s financial performance. Although the company demonstrated respectable operating results, we experienced a 10 percent decline in revenues.”
The company has the bulk of its operations in Russia, but is based in London. Results are reported in US dollars. Evraz Claymont steel produces plate steel products for construction and other areas from recycled steel that comes from automobiles and other scrapped items. Click here for the full report.
