Annual report and accounts 2012

Investments in associates and joint ventures

OAO Severstal and Subsidiaries
Notes to the Consolidated Financial Statements
19. Investments in associates and joint ventures

for the years ended December 31, 2012, 2011 and 2010
(Amounts expressed in thousands of US dollars, except as otherwise stated)

The Group's investments in associates and joint ventures companies are described in the table below. The Group structure and certain additional information on investments in associates and joint ventures, including ownership percentages, are presented in Note 28.

 December 31,
 

2012

2011

2010

Associates   
SPG Mineracao SA43,12342,290-
Iron Mineral Beneficiation Services (Proprietary) Ltd39,71117,1697,177
ZAO Air Liquide Severstal26,97121,85817,878
Intex Resources ASA-12,26414,609
Other-1,429693
Joint ventures   
Mountain State Carbon LLC83,832102,135-
Spartan Steel Coating LLC44,29746,81047,507
Gestamp-Severstal-Kaluga LLC17,37916,31618,032
Double Eagle Steel Coating Сompany15,16614,26918,476
Gestamp Severstal Vsevolozhsk LLC14,97613,86814,907
Severstal-Gonvarri-Kaluga LLC13,7948,91810,015
Todlem S.L.12,2523,6053,723
Other5,0023845,547
 316,503301,315158,564

The following is summarized financial information in respect of associates:

December 31,

2012

2011

2010

Current assets

975,467

1,586,019

107,385

Non-current assets

157,020

187,242

121,949

Short-term liabilities

1,225,608

1,500,621

20,212

Long-term liabilities

69,539

165,916

62,558

Equity

(162,660)

106,724

146,564

  Year ended December 31,

 

2012

2011

2010

Revenue1,301,3932,746,80767,647
Net (loss)/income(215,633)136,2658,178

The Group’s unrecognized share of losses in Lucchini S.p.A. amounted to US$ 113.9 million for the year ended December 31, 2012.

The following is summarized financial information in respect of joint ventures:

  December 31,
2012 2011 2010

Current assets

215,391

236,649

119,923

Non-current assets

517,010

478,223

347,489

Short-term liabilities

124,392

147,122

84,228

Long-term liabilities

159,014

114,210

111,484

Equity

448,995

453,540

271,700

 Year ended December 31,

 

201220112010
Revenue546,587609,85291,749
Net (loss)/income(12,100)19,7856,095