Currency move hits Severstal

Russian steel giant Severstal suffered a net loss of $44m (£28.4m) in the second quarter of the year, according to figures out yesterday. The firm said a $226m currency loss was responsible for the swing into the red. For the half-year, Severstal broke even, compared to profits of $582m a year ago. Chief executive Alexey Mordashov said the firm’s underlying performance was continuing to improve in spite of tough economic conditions.