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Mechel PAO (NYSE:MTL) has signed a contract to supply approximately 360,000 tonnes of thermal coal to Neryungrinskaya Power Station from October 2021 to March 2022. This contract ensures uninterrupted power generation during the heating season. Mechel's CEO, Oleg Korzhov, emphasized the long-standing partnership with Far-Eastern Energy Company, noting that 10-12% of their thermal coal sales are directed to this company. The upcoming supply mirrors the quantity provided in the previous winter season, showcasing Mechel's commitment to quality and reliability.
Mechel PAO (NYSE:MTL) has secured a significant contract to supply over 5,000 tonnes of RT62-type tram rails to the Moscow Metro. Shipments are set to commence this month. The rails, produced by the Chelyabinsk Metallurgical Plant, will aid in the reconstruction and expansion of tramway lines in Moscow. The RT62 rails have been rigorously tested and certified, confirming their compliance with the necessary standards. This contract follows a previous supply of 25,000 tonnes of main-line rails in 2020, highlighting the company's robust partnership with the city’s transport infrastructure.
Mechel PAO (MOEX:MTLR)(NYSE:MTL) announces key management changes effective September 15, 2021. Maxim Zhirgalov is appointed as the first deputy CEO to enhance strategic development and production efficiency. Elena Samarina takes over as deputy CEO for operational efficiency, focusing on strategic planning and risk management. Alexander Kolchin is appointed deputy CEO for commercial operations, overseeing sales and procurement. These appointments aim to boost the company’s market value and operational effectiveness, according to CEO Oleg Korzhov.
Mechel PAO (NYSE: MTL) announced plans to develop the Sivaglinskoye iron ore deposit, with an investment of around two billion rubles by the end of 2022. Located 135 kilometers north of Neryungri, the deposit has estimated reserves of 21 million tonnes of iron ore with an average content of 48.6-53.3%. Pilot commercial mining is expected to start in Q4 2022, aiming for an annual capacity of 1 million tonnes starting in 2023. This initiative is projected to increase Mechel's iron ore self-sufficiency by 15-20%.
Mechel PAO has appointed Andrey Pasynich as the new CEO of Mechel Mining Management Company, succeeding Igor Khafizov. Pasynich, previously the head of operations at Mechel Mining, aims to enhance the company's position in both domestic and international coal markets. He has substantial experience in the mining industry since 1989 and has received multiple awards for his contributions. Khafizov is recognized for his vital role in developing the mining division. The company focuses on a range of products, including coal and steel, across various global markets.
Mechel PAO (NYSE:MTL) reported robust financial results for 2Q and 1H 2021, with consolidated revenue reaching 108.9 billion rubles, a 43% increase from the previous quarter. EBITDA surged by 85% to 33.7 billion rubles, resulting in a 31% EBITDA margin. The profit attributable to shareholders was 23.9 billion rubles, up 203% quarter-on-quarter, driven by increased sales across multiple product lines, particularly coking coal and steel products. The positive trend is supported by favorable market conditions and improved operational efficiency.
Mechel PAO (NYSE: MTL), a leading Russian mining and metals company, reported significant operational results for 2Q2021.
Key highlights include:
- Coking coal production rose by 12% quarter-on-quarter, with export sales more than doubling.
- Pig iron and steel sales increased significantly, achieving the highest quarterly revenue in 10 years.
- Despite a 13% drop in electric power generation and a 55% decrease in heat output, overall operations showed a positive recovery trend.
Mechel PAO (MOEX:MTLR, NYSE:MTL) has announced plans to release its operational and financial results for the first half of 2021, ending June 30, on August 27, 2021. The company, a major player in the mining and metals sector, produces a range of products including coal, iron ore concentrate, and steel, serving markets across Europe, Asia, and the Americas. Mechel emphasizes that future statements may involve risk factors impacting actual results, including economic variations and regulatory challenges.
Mechel PAO (NYSE:MTL) has announced the payment of dividends for its privileged shares, amounting to 162.3 million rubles based on its 2020 results. The dividend per privileged share is set at 1.17 rubles. This payout reflects the company's ongoing commitment to returning value to its shareholders amidst the volatile market conditions.
Mechel PAO (NYSE: MTL) has announced that its Beloretsk Metallurgical Plant has successfully repaid a 255.3-million-ruble loan from Russia's Industrial Development Fund. The loan, received in 2016, supported the establishment of multi-strand wire rope production, essential for industries like shipbuilding and construction. The plant's advancements enabled it to produce ropes previously unavailable in Russia. This initiative not only fulfills the loan obligations but also strengthens the domestic market by reducing reliance on imports, creating a significant impact on the Russian economy.