Mechel OAO (MTL) Tuesday reported first-half loss which narrowed, as sharp decline in provision for amounts due from related parties masked a slump in steel revenues
The Russian mining company's revenues declined 26 percent due mainly to the sale of Romanian units and a fall in sales of third-party products.
For the 6-month period, net loss narrowed to $648 million, from a loss of $2.12 billion a year ago.
The company's provision for amounts due from related parties declined sharply to $8.65 million, from $594.11 million a year earlier.
Excluding certain items, the company reported a loss of $511.3 million, compared with loss of $391.15 million a year ago.
Adjusted EBITDA totaled $250.48 million, compared with $405.66 million a year earlier.
Half-year revenues declined 26 percent to $3.44 billion from $4.62 billion a year earlier.
The company said it hasn't reached any agreements with its creditors by the end of the first half, and has classified its long-term debt as short-term. Mechel's net debt stands at $8.65 billion.
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