Evraz Group, the mining and metallurgical giant, sustained major losses in the first half of 2009 after a number of payments had to be written off, Rosbalt reports.

The enterprise’s net loss amounted to $999m against $2.04bn worth of profits in the first half of 2008.

‘The ongoing economic recession has affected our investments and infrastructure development projects rather badly; what is more, the demand for steel has gone down on our key markets,’ Rosbalt quoted Evraz President Alexander Frolov as saying.

The company’s revenues nosedived by 57% in the six months of 2009, that is, against last year’s $4.64bn, says Rosbalt.