Russia: Mechel borrows 1.44 billion rubles from ChMK

Mechel has concluded an agreement on borrowing 1.44 billion rubles from Chelyabinsk Iron and Steel Works.

The agreement was signed on January 15 and is valid through October 1, 2022.

The interest rate on the loan is not revealed. (Ukrainian metal)

Russia: Mechel reports on the change in management

Mechel informs that the group CFO Sergey Rezontov is leaving the company.

According to the statement, Rezontov resigned due to his personal reasons.

“We are grateful to Sergey Rezontov for his work”, Mechel CEO Oleg Korzhov said. (Ukrainian metal)

Russia: Mechel creditors agree on restructure

Around 85% of Mechel creditors on the syndicate loan of $1 billion support the restructure conditions. In November 2017 Mechel reported that over half of the creditors supported them. The company continued negotiating. For the deal to be successful the company needed the approval of at least 75% of creditors. At present some 78% of…

Russia: Mechel to supply coke to Serbia

Mechel has signed a memorandum on delivery of coke to HBIS Group Serbia Iron & Steel. According to the agreement, Moskoks will supply up to 120 thousand tons of coke products to Serbia, or 30 thousand tons each quarter. The delivery will be carried out from January till December 2018. The price will be determined…

Russia: Mechel losses up in January-September 2017

In January-September the net losses of Mechel doubled YoY, to 11.71 billion rubles.

Revenue dropped 2.2-fold, to 5.12 billion rubles, gross profit decreased 5.2-fold, to 2.19 billion rubles.

Sales profits fell 9.5-fold, to 1.06 billion rubles.

In H1 Mechel net profit decreased by 40% YoY, to 4.994 billion rubles. (Ukrainian metal)

Russia: Zyuzin sells a piece of Mechel for debts

The Zyuzins family decreased their consolidated share in Mechel from 55.04% to 50.1%, having given 4.93% to Veriotex Holdings Limited as a repayment of the debt. At present Igor Zyuzin owns 26.47% of the company, a part of which is owned through Calridge Ltd. “In October Calridge transferred 20.534 million shares as debt settlement”, the…

Russia: Mechel-Materials increases refractories output

Mechel-Materials has started producing refractories of higher strength. These products are used for lining of heating units at metal and machine-building works. The Mechel-Materials bricks are made of high-aluminous raw materials, thus having the higher content of aluminum oxide, which provides for higher heat-resistance and lower thermal conduction. The first batches of new products have…

Russia: Mechel-Service sales up in January-July

In January-July Mechel-Service increased metal sales from warehouses by 2% YoY. “In 7 months of 2016 we shipped 852 thousand tons of products, this year – 871 thousand tons. Our sales network has expanded: we have opened a site in Biysk. Soon our subsidiaries will appear in Izhevsk and Volgograd”, the company CEO Leonid Polyansky…

Russia: Mechel coal output down in H1 2017

In January-June Mechel mined 10.331 million tons of coal, down by 10% YoY. According to the group statement, steel output in 6 months increased by 5%, to 2.22 million tons, pig iron remained almost flat YoY, at 2.04 million tons. In Q2 Mechel decreased coke sales by 9% because of unstable market situation. “The metal…

Russia: Mechel IFRS net profit down in H1 2017

The net profit of Russian metals and mining group Mechel, attributable to shareholders, fell by 40% YoY, to 4.994 billion rubles in January-June, as calculated under International Financial Reporting Standards (IFRS), the company said on August 23. The entire profit fell by 38%, to 5.682 billion rubles. EBITDA grew by 56%, to 40.227 billion rubles,…

Russia: Mechel-Service supplies rebars for navy base construction

Mechel-Service has supplied 500 tons of rebars for the construction and modernization of the Novorossiysk military-navy base.

According to the company statement, the rebars for the new base have been manufactured at Chelyabinsk Iron and Steel Works. (Ukrainian metal)