Russian mining and steel group Mechel OAO (MTL) posted first quarter net income attributable to shareholders of $218.02 million versus $309.12 million last year.
Revenue from external customers was up 0.5% to $2.95 billion from a year ago.
Mechel OAO's Chief Executive Officer Yevgeny Mikhel commented,
"In this year's first quarter, the company focused its efforts on implementing measures launched in the end of last year, aimed at optimizing operational planning and management of working capital, as well as improving our debt portfolio's structure.
"As a result of the accounting period, despite the volatile market situation due to remaining difficulties in economic development of certain countries and regions that are customers of the Group's products, we managed to make good on key issues — we optimized the debt, retained high levels of revenue and freed significant amount of funds by reducing stock, thus significantly improving the Group's operational cash flow."
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.