Mechel OAO (MTL) reported a first-quarter net loss attributable to shareholders of $320.65 million, compared to profit of $218.02 million last year. Adjusted net loss was $233 million, compared to profit of $220 million last year. Net revenue decreased to $2.48 billion from $2.95 billion last year.
Evgeny Mikhel, the company's Chief Executive Officer, said, "The first quarter was marked by an important step forward toward optimizing Mechel's asset structure. We disposed of Romanian steelmaking assets, which did not fit into the company's reviewed strategy and had a negative impact on our financial results."
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