Russia: RUSAL IFRS net profit down in 2019

The net profit of Russian aluminum giant UC RUSAL fell by 44.5%, to $960 million in 2019, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on March 13. The adjusted net loss amounted to $270 million after an adjusted net profit of $856 million a year ago. Revenue fell…

Russia: Mechel launches upgraded steelmaking equipment at ChMK

Mechel, one of the leading Russian mining and metals companies, reports launching two upgraded key facilities at Chelyabinsk Iron and Steel Works (part of Mechel Group) – blast furnace No. 4 and converter o. 1. Investment totaled 4.5 billion rubles. Presidential Plenipotentiary Representative in Russia’s Urals Federal District Nikolai Tsukanov, Chelyabinsk region’s governor Alexei Texler,…