Russian mining and steel group Mechel has announced its consolidated financial results for the first half of 2011. The net revenue of the company for the period in question increased to $6.5 billion, up 47.9 percent compared to $4.3 billion in the same period of the previous year. Mechel's net profit for the first half increased more than fourfold year on year to $501.02 million.
Mechel's mining segment revenue from external customers in the first half of the current year totaled $1.9 billion, up 50.2 percent, while its steel segment revenue from external customers in the same period amounted to $3.8 billion, up 53.7 percent, both compared to the first half of 2010.
According to Mechel's statement, the improved results were caused by the growth in mining volumes and by maintaining high capacity utilization in the steel segment in the second quarter.