MOSCOW, May 15 (RIA Novosti) - Russia steelmaker Severstal reported a net loss of $644 million calculated to International Financial Reporting Standards, compared with a $470 million profit in the same period of last year.
It said operating losses were $375 million, compared with a $808 million profit in the first quarter of 2008.
"Performance in the first quarter has been impaired by the unfavorable global economic situation," the company said in a press release.
It said last month its crude steel output had declined 21% year-on-year in January-March to 3.8 million metric tons.
Severstal produces over 16% of Russian steel and has facilities in Russia, the United States, Italy, France, Britain, and Ukraine.
