MOSCOW, August 22. /TASS/. Mechel suffered losses of 16.7 bln rubles ($182.7 mln) under the International Financial Reporting Standards (IFRS) in the first half of 2024, the Russian mining and metals company reported.

The loss was 3.5 bln rubles ($38.3 mln) a year earlier, the company informed. The rise in losses was driven by growing cost of sales, higher financial expenses in view of the significant key rate lifting by the Bank of Russia, and recognized losses due to lost control over European assets of the group. The rise in losses was partly offset by the drop in negative exchange rate differences, the company informed.

In the meantime, Mechel’s profits stood at 4.5 bln rubles ($49.2 mln) as of the end of the second quarter 2024.