Azovstal reports negative USD 102 mln EBITDA in 2011

Azovstal (AZST UK) reported negative USD 102 mln EBITDA in 2011 vs. positive USD 26 mln a year earlier, according to a filing yesterday. Revenue increased 30% yoy to USD 3,859 mln last year, while net losses grew 2.8x yoy to USD 64 mln. The company repaid USD 174 mln in debt over 2011 to zero its banking debt as of end December 2011 and had a net funds position of USD 38 mln at yearend. Azovstal tripled investments into PPE compared to 2010 to USD 78 mln.