Market Overview

Mechel Swings To Q1 Net Loss


Russia's Mechel (NYSE: MTL) posted a loss in the first quarter.

Mechel swung to a quarterly net loss of $321 million, versus a year-ago profit of $218 million. Its adjusted net loss for the quarter came in at $233 million. However, analysts were estimating a net loss of $111 million.

Its revenue declined 16% to $2.5 billion, while earnings before interest, taxation, depreciation and amortisation fell 57% to $210 million.

Mechel shares closed at $2.84 yesterday.


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