Russian steel and coking coal producer Mechel saw its first quarter US GAAP net profit decrease 29.5 percent year-on-year, to $218 million, the company said in a statement on Wednesday.
Mechel’s first quarter net profit was above a consensus forecast of analysts polled by RIA Novosti of $98 million. The company’s adjusted EBITDA fell 18.2 percent to $463.402 million with revenue growing 0.5 percent to $2.951 billion year-on-year.
“As a result of the accounting period, despite the volatile market situation due to remaining difficulties in economic development of certain countries and regions that are customers of the group’s products, we managed to make good on key issues,” Mechel CEO Yevgeny Mikhel was quoted in the statement as saying.
“In this year’s first quarter, the company focused its efforts on implementing measures launched in the end of last year, aimed at optimizing operational planning and management of working capital, as well as improving our debt portfolio’s structure,” he added.