OREANDA-NEWS. July 15, 2010. Mechel OAO (NYSE: MTL), a leading Russian integrated mining and steel group, announced financial results for the first quarter ended March 31, 2010, reported the press-centre of Mechel.

Mechel’s CEO Yevgeny Mikhel commented on the 2010 first quarter results: “In the first quarter of 2010 Mechel focused its efforts on the final overcoming of the global financial crisis consequences. In particular, reaching the pre-crisis coal production volumes has become one of the most important priorities of our company’s operations. We continued developing and improving the structure of Mechel’s sales network. We launched investment projects, which had been postponed earlier, and intensified works on implementation of the most important current projects, such as Elga Coal Deposit development and construction of the Universal Rolling Mill.

Even taking into consideration that not all achievements and success of the 2010 first quarter were reflected in full measure in the financial results of that period and will be witnessed only in the next periods, we consider that the company successfully worked through this hard but important stage of its life and laid the foundation for the further improvement of its operational and financial results.”

Full report see here:
http://www.mechel.com/media/for_investors/fresults/2010/1Q10_release_ENG_Final.pdf