The steel giant said its earnings for the period declined 7.2%, to $1.93 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the reporting period went down 18.5%, to $344.7 million.
Established in 2003, Mechel is also Russia's second rolled steel producer. It has several metal plants in Russia, Romania and Lithuania. It unites producers of coal, ore, nickel, steel, and highly processed steel products for the domestic and foreign markets.
Mechel acquired a controlling stake in a Moscow coke gasworks, Moskoks, for about $300 million in early October, and launched a new coalmine in southwestern Siberia in late September, which cost $100 million.
The company said the moves are in line with its strategy, which prioritizes the development of its mining segment and expansion on the coal and coke-chemical markets.
Mechel is included in the Russian Industrial Leaders Index RUXX, a composite economic index of 21 Russian companies with financial instruments traded on bourses, including the New York Stock Exchange, the London Stock Exchange, Nasdaq and AMEX.
