Russian mining and steel group Mechel has announced its consolidated financial results for the first nine months of 2011. The net revenue of the company for the period in question increased to $9.6 billion, up 37.9 percent compared to $6.9 billion in the same period of the previous year. Mechel's net profit for January-September increased by 13.9 percent year on year to $526.7 million.
The company registered year-on-year declines for the third quarter. In the given period, Mechel announced net revenue of $3.2 billion, down 7.6 percent compared to the previous quarter, while the net profit totaled $25.7 million compared to $191.9 million in the second quarter.
Mechel's mining segment revenue from external customers in the first nine months of the current year totaled $3.07 billion, up 42.7 percent, while its steel segment revenue from external customers in the same period amounted to $5.6 billion, up 39.6 percent, both compared to the corresponding period of 2010.
According to Mechel's statement, despite the deteriorating pricing environment, its mining segment improved its revenues for the third quarter, while in the steel segment, the decline was caused by the temporary reduction in sales to third parties.