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Mechel 1H net loss reaches $36.37 mln

In the Q2 2023, the company’s losses reached 2.4 bln rubles ($24.94 mln) against 1.1 bln rubles ($11.43 mln) of loss on the Q1

MOSCOW, August 29. /TASS/. Mechel net loss in the first half of 2023 reached 3.5 bln rubles ($36.37 mln) against 69.4 bln rubles ($721.17 mln) of profit a year earlier, the company said on Tuesday.

In the Q2 2023, the company’s losses reached 2.4 bln rubles ($24.94 mln) against 1.1 bln rubles ($11.43 mln) of loss on the Q1.

At the same time, Mechel’s revenue in the first half of the year decreased by 22% to 194.7 bln rubles ($2.02 bln), while its adjusted EBITDA fell by 49% to 40 bln rubles ($415.66 mln).

"The downward dynamics of our financial indicators compared to the same period last year is primarily due to the peak of demand and price growth for all of the Group's products, which was in the first half of the last year. A lot has changed over the year. Prices have adjusted, some markets have closed, and demand is not always stable. There have also been changes in business taxation laws. The economic conditions that emerged last year still require that the company adjust production plans, capital investment programs, optimize sales directions and reconfigure supply chains. The cash flow received in the reporting period was sufficient to finance the investment program and maintain stable operations of our enterprises. In addition, the Group continues to fulfill its loan servicing obligations and reduce its debt. We did not halt implementing environmental projects at both production and transportation enterprises of the Group, including ports," Mechel CEO Oleg Korzhov commented on the results.

According to him, "In the first six months of 2023, the Group's capital investment in renewal and maintenance of fixed assets increased by 118% year-on-year and reached to 10.5 billion rubles."

At the same time, Mechel increased coal production by 15% in the Q2 2023 to 2.4 mln metric tons and in the first half of the year, production decreased by 24% to 4.5 mln metric tons. Steel production in the Q2 decreased by 3% to 881,000 tons, in the first half of the year - by 4% to 1.787 mln metric tons.

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