Mechel 1st Half Net Profit Rises Four-Fold To $501.0 Million

Date : 10/11/2011 @ 4:18AM
Source : Dow Jones News
Stock : Mechel Pao American Depositary Shares (Each Rep. 1 Common Shares) (MTL)
Quote : 4.945  -0.055 (-1.10%) @ 10:25AM

Mechel 1st Half Net Profit Rises Four-Fold To $501.0 Million

Mechel PAO (NYSE:MTL)
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Russian coal and steel group OAO Mechel (MTL) Tuesday said its first-half net profit was up more than four-fold on the year as the company increased volumes of coal mining and concentrate production, while cutting down on mining costs in most of its assets.

Mechel, however, said the situation in the steel market was not so favorable in the second quarter. "We had to deal with growing prices for raw materials, which were not compensated by the growth of steel prices", the company said.

MAIN FACTS:

-net profit at $501.0 million, up from $120.8 million a year earlier.

-revenue at $6.41 billion, up 58% from $4.33 million a year earlier.

-Adjusted Earnings before interest, tax, depreciation and amortization, or Ebitda, at $1.18 billion, up 50% from $786.1 million a year earlier.

-Adjusted Ebitda margin at 18.40%, up from 18.15% in the first half of 2010.

-net debt at $8.6 billion as of end-March, up from $7.9 billion as of end of the first quarter.

-By Alexander Kolyandr, Dow Jones Newswires; +7 495 232 9196; alexander.kolyandr@dowjones.com

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