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Mechel ramps up steel production by 6% to 1.096 million tonnes in Q2 2014

In the second quarter of 2014, Mechel OAO increased coal mining by 1% to 5.633 million tonnes, steel production by 6% to 1.096 million tonnes, according to the company's press release.

Pig iron production in the second quarter grew by 3% to 964 thousand tonnes.

Addressing the company's operation in the second quarter of 2014, Mechel OAO's Chief Executive Officer Oleg Korzhov noted the increase of PCI sales by 75% against the previous quarter to 1.033 million tonnes due to an increase in exports, particularly to China. The eight-percent increase in anthracite sales as compared to the previous quarter was due to a seasonal increase in supplies to Chelyabinsk Metallurgical Plant.

Steam coal sales went down by 14% quarter-on-quarter to 1.167 million tonnes due to a seasonal slump in demand from both external customers and the Group's enterprises. Mechel is currently taking measures to expand steam coal sales in burgeoning Asian markets.

In the second quarter of 2014, Mechel increased sales of flat products by 2% to 115 thousand tonnes, sales of long products by 3% to 806 thousand tonnes.

Also, Mechel dispatched a batch of high-quality rails produced at the universal rolling mill for certification by Russian Railways. Getting those rails certified will enable Mechel to begin supplying Russian Railways with up to 400,000 tonnes of rails a year.

Mechel (tax number: 7703370008) is one of the leading Russian companies. The company's profile covers 4 business segments: mining, metallurgical, ferroalloy industry and power engineering. The company unites manufacturers of coal, iron-ore concentrate, nickel, steel, rolled products, high-added value products, thermal and electric energy. Mechel's goods are sold in Russia and worldwide.

According to the DataCapital information retrieval system, US GAAP net loss of Mechel OAO for 2013 increased by 75.86% to $2.928 billion from $1.665 billion the year before. Revenue from sales to external consumers dropped by 19.33% to $8.576 billion from $10.631 billion, operating loss grew by 25.06% to $529 million from $423 million, adjusted EBITDA decreased 2.02-fold to $730 million c $1.471 billion, EBITDA margin was 8.51% against 13.84% the year before.

According to the DataCapital information retrieval system, RAS net loss of Mechel for H1 2014 decreased by 19.96% to RUB 5.096 billion. Revenue increased by 59.78% to RUB 3.993 billion from RUB 2.499 billion, sales profit by 17.13% to RUB 2.291 billion from RUB 1.956 billion, loss before tax decreased by 21.37% to RUB 5.091 billion from RUB 6.475 billion.

"AK&M", 06.08.2014


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