UPDATE: Mechel Posts Upbeat Q1 Profit
Mechel OAO (NYSE: MTL) reported a 29.5% y/y drop in its first-quarter net profit.
Mechel's quarterly net profit declined to $218 million, from $309 million, in the year-ago period. However, analysts were expecting a net profit of $125 million. Its revenue rose to $3 billion, from $2.94 billion.
Its earnings before interest, tax, depreciation and amortization (EBITDA) fell to $463 million, from $567 million.
Mechel shares closed at $6.54 yesterday.
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