Severstal swings to a $150m loss

Russian steel producer Severstal swung to a loss in the fourth quarter, as weak steel demand continued to bite. The firm logged a loss of $150m (£99.1m) over the last three months of the year, reflecting lower prices and volumes. Severstal, which is Russia’s second biggest steel producer, said that it did see some signs of a small recovery in the global steel market, which has struggled to cope as the Eurozone crisis hit construction.