Mechel’s net profit sees sharp increase in Q1

Thursday, 23 May 2019 15:56:41 (GMT+3)   |   Istanbul

Russian mining and steel group Mechel has announced its financial results for the first quarter of the current year. In the first quarter, the company registered a net profit of RUB 11.34 billion ($175.3 million) increasing by 244 percent year on year. For the same period, Mechel’s sales revenues remained stable at RUB 74.86 billion ($1.15 billion), compared to the first quarter of the previous year. The operating profit of the company decreased by 19 percent year on year to RUB 10.84 billion ($167.52 million).

The revenue of Mechel’s mining segment from external customers in the first quarter totaled RUB 24.54 billion ($379.16 million), up six percent, while its steel segment revenues from external customers in the same year amounted to RUB 42.06 billion ($649.85 million), down five percent, both year on year.

In the given period, Mechel’s crude steel output decreased by 12 percent to 930,000 mt, while its pig iron output declined by 12 percent to 870,000 mt, both year on year. In the January-March period, the company’s run-of-mine coal output decreased by 29 percent year on year to 3.52 million mt.

In the period in question, Mechel’s coking coal concentrate sales amounted to 1.7 million mt, up five percent from the same period in the previous year, while its coke sales amounted to 652,000 mt, rising by four percent year on year.

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