Mechel reports 9-month earnings
Mechel, a leading Russian integrated mining and steel group, on Friday announced results for the first nine months ended September 30, 2005. Net revenue in the first nine months of 2005 rose 17.6 year on year to $2.91 billion. Consolidated EBITDA declined 8 percent year on year to $569.02 million in the first nine months of 2005, and net income was $314.72 million. Mining segment revenue for the first nine months of 2005 rose 47.9 percent year on year to $823.55 million, or 28.3 percent of consolidated net revenue. The company said that the increase in revenues reflects solid output, strong market positions, and an increase in sales of mining products to third parties. Mechel's steel segment revenue in the first nine months of 2005 increased 8.8 percent year on year to $1.92 billion, or 71.7 percent of consolidated net revenue. EBITDA in the steel segment for the first nine months of 2005 was $189.61 million, with the margin increasing to 9.1 percent from 6.9 percent.