Mechel, one of the leading Russian mining and steel groups, has announced its financial and operational results for 2024.
Accordingly, last year, the company posted a net loss of RUB 37.12 billion ($421.8 million), compared to a net profit of RUB 22.32 billion in 2023, while its sales revenue amounted to RUB 387.47 billion ($4.4 billion), down by 4.5 percent year on year due to export restrictions. The company’s EBITDA amounted to RUB 55.9 billion ($635.2 million), decreasing by 35.2 percent year on year.
In 2024, Mechel produced 3.35 million mt of crude steel, down by 3.9 percent year on year, while its pig iron production decreased 5.6 percent year on year to 2.98 million mt. The company’s production of run-of-mine coal in 2024 totaled 10.86 million mt, up 4.7 percent year on year.
In the given period, the company’s coking coal concentrate sales rose by 29.7 percent year on year to 4.04 million mt, with sales to third parties increasing by 45.6 percent year on year to 2.72 million mt during the given period.
The company’s shipments of iron ore concentrate in the full year increased by 42.9 percent year on year to 1.47 million mt.
In 2024, the company’s total sales of long steel products increased by 1.7 percent year on year to 2.44 million mt, due to the growth in production volumes of reinforcement and rail products at Chelyabinsk Metallurgical Plant, while its sales of flat steel products totaled 219,000 mt, down 41.2 percent year on year.