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Mechel PAO (MTL) reported significant financial results for FY 2021, with consolidated revenue reaching 402.1 billion rubles, a 51% increase YoY. EBITDA soared to 118.9 billion rubles, marking a 190% growth compared to 2020, with a margin of 30%.
The report highlights rising steel and metallurgical commodity prices, with an average increase of 60% in steel product prices. Net debt decreased by over 50 billion rubles, improving the net debt-to-EBITDA ratio to 2.3.
Despite operational declines due to funding issues, the company anticipates continued improvement in 2022.
Mechel PAO (NYSE: MTL) reported its 2021 operational results, highlighting significant price increases in its mining sector, particularly coal, which saw premium coking coal prices soar from $100 to over $400 per ton. Despite a 34% decrease in coal output due to contractor delays, the company reported solid financial results. Steel production decreased slightly, yet sales of high-value products surged. However, sales volumes fell for coking coal concentrate and iron ore, leading to an overall decrease in several categories. The power division faced a 15% decrease in electricity production due to repairs.
Mechel PAO (NYSE: MTL) announced it will release its 2021 financial results on March 1, 2022. As a leading Russian mining and metals company, Mechel operates across various markets, providing coal, iron ore concentrate, steel, and more. The company emphasizes its integrated production chain, from raw materials to high value-added products. Investors are advised to refer to its filings with the U.S. Securities and Exchange Commission for potential risks and forward-looking statements.
Mechel PAO, a prominent Russian mining and metals company, announced the appointment of Alexey Lebedev as the new deputy chief executive officer. His role will focus on operational planning, technical development, and production quality.
Lebedev, who has extensive experience within the company and previously led Mecheltrans Management Company since 2013, will temporarily oversee the transport division. CEO Oleg Korzhov emphasized Lebedev's strategic expertise and familiarity with the business, aiming to enhance production capacities and optimize logistics.
Mechel PAO (NYSE: MTL) announced the early repayment of its dollar-denominated loan to VTB Bank by its subsidiary, Southern Kuzbass Coal Company. The 341-million-dollar loan was due by April 2022 but was repaid in full in February, ahead of schedule. This repayment is a step towards improving the company's financial stability, supported by rising steel and coal prices. The release of collateral pledged to VTB Bank is expected to enhance operational stability. Mechel emphasized that repaying debts is a top priority, contributing to social stability in its operational regions.
Mechel PAO (NYSE: MTL) has announced the acquisition of around 270 units of equipment in 2021, which includes over 80 large-scale machines. Key upgrades occurred at Southern Kuzbass Coal Company, Yakutugol Holding Company, and Korshunov Mining Plant, with significant investments totaling approximately 4 billion rubles this year, aiming for 8 billion rubles in the next. The enhancements are expected to boost output, reduce repair outages, and meet increasing production demands amidst favorable market conditions, as stated by CEO Oleg Korzhov.
Mechel PAO (MTL) announced its financial results for Q3 and 9M 2021, reporting a 5% decline in Q3 revenue to 102.9 billion rubles and an 11% drop in profit attributable to shareholders to 21.3 billion rubles. Despite these decreases, 9M 2021 revenue surged by 47% year-over-year, reaching 287.8 billion rubles, driven by favorable market conditions. The company reported a Net Debt to EBITDA ratio of 3.2.
CEO Oleg Korzhov noted challenges in the steel market and coking coal prices but emphasized stable operating cash flow and ongoing investment in facilities.
Mechel PAO (NYSE:MTL) released its operational results for 9M2021 and 3Q2021, highlighting significant market volatility in commodities. Coking coal prices surged to over $600 per tonne, while coal production fell 37% year-on-year due to decreased contractor mining and geological issues. Sales of coking coal concentrate and thermal coal dropped 30% and 10%, respectively. The introduction of new export tariffs is estimated to cost the company around 1.1 billion rubles, representing 1% of steel revenue. However, the company noted an increase in sales of high-margin products, with notable growth in various categories.
Mechel PAO (MOEX:MTLR, NYSE:MTL), a major Russian mining and metals firm, will release its operational and financial results for the third quarter ending September 30, 2021, on November 18, 2021. The company's offerings include coal, iron ore, steel, and energy products, serving markets across Europe, Asia, and the Americas. This release will provide insights into the company’s financial health and operational performance during the quarter.
Mechel PAO (NYSE: MTL), a prominent Russian mining and metals firm, has delivered 22,000 tonnes of steel products for the construction of Moscow Metro's Bolshaya Koltsevaya Line. This ambitious project, the largest in Moscow's subway history, boasts a 70-kilometer length and will feature 31 stations. Over the last five years, Mechel has supplied around 85,000 tonnes of rails for Metro construction, with plans for ongoing supplies. The completed line will surpass Beijing's second ring line, becoming the world's longest subway ring.
