Siderar Posts 1Q Loss Of $90 Million

Economic expansion in South America's second-largest economy slowed to an annual pace of 2.6 percent in February, the latest date available, after GDP growth topping 7 percent a year since emerging from a deep economic crisis in 2002.

The International Monetary Fund predicts Argentina's economy will shrink by 1.5 percent this year.

Siderar, Argentina's biggest producer of flat-rolled steel, is part of international conglomerate Ternium SA, the largest steel maker in Latin America.

Siderar posted a loss of 388 million pesos in the fourth quarter of 2008, its first in nearly seven years.

Siderar shares fell nearly 1 percent to close at 8.35 pesos ($2.24) on the Buenos Aires stock exchange after the company released its earnings report.