OREANDA-NEWS. April 14, 2011. Mechel (NYSE: MTL), a leading Russian mining and steel group, announced financial results for the full year 2010, reported the press-centre of Mechel.  

Yevgeny Mikhel, Mechel’s Chief Executive Officer, commented on the full year results: “It would not be an exaggeration to say that last year has become one of the most successful in history of the company in terms of production and financial performance. Our drive to increase production, develop new products and new markets, amid continuing efforts to implement strategic investment projects, has in no small measure contributed to it. The impressive growth in our operating profit, which is more than six times higher than 2009’s figures, created a good basis for further growth and a corresponding increase in shareholder value”.

The net revenue in 2010 increased by 69.4% and amounted to USD 9.7 billion compared to USD 5.8 billion in 2009. The operating income rose by 523.7% and amounted to USD 1.5 billion or 15.72% of the net revenue, compared to the operating income of USD 245.6 million or 4.27% of the net revenue in 2009.

In 2010 Mechel’s consolidated net income attributable to shareholders of Mechel increased by 791.2% to USD 657.2 million compared to the consolidated net income attributable to shareholders of Mechel of USD 73.7 million in 2009.

The consolidated adjusted EBITDA in 2010 increased by 193.6% to USD 2.0 billion, compared to USD 686.6 million in 2009. Depreciation, depletion and amortization in 2010 for the Company were USD 474.6 million, an increase of 16.7% compared to USD 406.7 million in 2009.

Full reports see here:
http://www.mechel.com/media/for_investors/fresults/2011/Mechel_Release_11042011_e.pdf