One of the leading Russian mining and steel groups, Mechel, has announced its financial results for the first quarter of 2008.
According to the company's release, in Q1 2008 Mechel's revenue increased by 64.1 percent, its net operating income by 112.3 percent, net income by 162.2 percent and EBITDA by 151.1 percent year on year. The respective figures in US$ were 2.3 billion, 642.1 million, 500 million and 853.1 million. The company's EBITDA margin increased from 24 percent in Q1 2007 to 36.6 percent in Q1 2008.
The company commented that the strong results for the first three months of 2008 were achieved due to the favorable market conditions and combination of growth factors.