Evraz, the steel business of the Russian billionaire Roman Abramovich, reported net losses dropped from $1.3 billion (£920 million) a year ago to $719 million as the company braced itself against the commodities downturn by slashing costs and jobs.
However, the steelmaker reported a 39% slide in earnings, as global steel prices crashed. Last year steel sales volumes fell from 13.5 million tonnes to 12.8 million tonnes.
Evraz, which is part-owned by the owner the English football team Chelsea, saw its earnings fall to $1.4 billion in 2015, compared with $2.4 billion a year ago.
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