MECHEL REPORTS 2010 FIRST HALF FINANCIAL RESULTS
— Revenue amounted to $4.3 billion
— Consolidated EBITDA amounted to $781 million
— Net income attributable to shareholders of Mechel OAO amounted to $121 million
Moscow, Russia – October 5, 2010 – Mechel OAO (NYSE: MTL), a leading Russian mining and steel group, today announced financial results for the 2010 first half ended June 30, 2010.
Mechel’s CEO Yevgeny Mikhel commented on the first half of 2010 results: “First half of the year was the period of hard and intense work for us. As a result we succeeded in resolving a number of challenging tasks. To be more specific, we restored coal production volumes to pre-crisis levels, brought down costs in the mining segment to their normalized levels, strengthened the position of the steel segment through new acquisitions and launch of new equipment at the existing steel plants and continued geographic expansion of our distribution network. At the same time we continued with our Capex program and streamlining of the Group’s management structure.
During the reported half-year period pricing environment on our main markets has been rather favorable, which allowed us to improve the company’s operational and financial results considerably”.