Published by ; Jarosław Adamowski
Investment plans Russian mining, metals company Mechel aims to invest some RUB 12.5 billion ($222 million) this year. The increased capital spending will be enabled by Mechel’s last year positive financial results, according to senior company representatives.
“The year began with a dynamic surge of steel prices, then the coal market began its recovery which became a dramatic hike by the end of summer. By December, coal prices approached historical highs,” said Oleg Korzhov, the firm’s chief executive. “As a result, with stable production and sales volumes the group showed an improvement of all financial results by the year’s end.”
Mechel’s consolidated revenue for 2016 totalled RUB 276 billion (US$4.9 billion).
Mechel says it is a leading mining and metals company with facilities in 11 of Russia’s regions, as well as in Ukraine and Lithuania. It comprises more than 20 production enterprises, producing coal, iron ore, steel, rolled products, ferroalloys, heat and electric power.