“Mechel” mining and metallurgical holding company earned a profit of more than seven billion roubles, following the results of last year. The revenues of the company in 2016 rose by 9 percent – up to 276 billion roubles. Last year the losses of the metallurgical holding company amounted to 115 billion roubles.
The company was chronically unprofitable for the past five years, from 2011 onwards. The financial situation began to improve at the time of increasing world prices for steel and coal — the main products of the holding company. According to the General Director of “Mechel” Oleg Korzhov, the prices started to grow since the beginning of 2016, coal grew more expensive a little later, but by the summer the recovery of the market looked more “like a meteoric rise”.
Author: Anna Dorozhkina