Russian mining and steel group Mechel has announced its consolidated financial results for the first half of 2012. The net revenue of the company for the period in question decreased to $6.036 billion, down 5.8 percent compared to $6.407 billion in the same period of the previous year.
Mechel’s operating loss amounted to $156.6 million for the first six months this year, compared to an operating income of $924.7 million in the same period last year. In January-June this year, Mechel’s consolidated financial result attributable to shareholders of Mechel decreased by 220.8 percent to a net loss of $605 million compared to a net income of $501 million in H1 2011.
The consolidated adjusted EBITDA of Mechel in H1 2012 decreased by 28 percent year on year to $848.8 million, while its EBITDA margin, which had been 18.4 percent in H1 2011, declined to 14.06 percent in H1 2012.
Mechel's mining segment revenue from external customers in the first half of the current year totaled $1.814 billion, down 6.1 percent, while its steel segment revenue from external customers in the same period amounted to $3.547 billion, down 7.1 percent, both compared to the first half of 2011.