UPDATE: Mechel Posts Upbeat Q1 Profit

Mechel OAO 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.