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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