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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. More news
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