OREANDA-NEWS. On December 18, 2008 Mechel OAO (NYSE: MTL), a leading Russian integrated mining and steel group, announced financial results for the first half ended June 30, 2008 and for the nine months ended September 30, 2008, reported the press-centre of Mechel.

Igor Zyuzin, Mechel OAO’s Chief Executive Officer, commented: “Mechel’s record financial and operational performance in the first nine months of 2008 was the result of successful implementation of our strategy to grow the Company both organically and through acquisitions.  Favorable market conditions for mining and steel products also contributed to the Company’s performance.”

Consolidated Results for the first half of 2008
Net revenue in the first half of 2008 rose 79.1% to US5.35 billion, from US 2.99 billion in the first half of 2007, reflecting increased production volumes and strong selling prices across the Company’s primary product categories. Operating income rose by 117.4% to US 1.6 billion, or 30.0% of net revenue, versus operating income of US 738.9 million, or 24.7% of net revenue, in 2007.

For the first half of 2008, Mechel reported consolidated net income of US 1.1 billion, or US 2.65 per ADR/ordinary share.

Consolidated EBITDA rose by 131.0% to US 1.87 billion in the first half of 2008 compared to USD 813.6 million in the first half of 2007.

Consolidated Results for the nine months of 2008
Net revenue for the first nine months of 2008 rose 84.7% to US 8.58 billion, from US 4.65 billion in the first nine months of 2007. Operating income rose by 167.0% to US 2.8 billion, or 32.7% of net revenue, versus operating income of USD 1.05 billion, or 22.6% of net revenue, in 2007.

For the first nine months of 2008, Mechel reported consolidated net income of US 1.6 billion, or US 3.94 per ADR/ordinary share.

Consolidated EBITDA rose by 137.7% to US 2.86 billion in the first nine months of 2008 from US 1.2 billion a year ago.

Full report see here: http://www.mechel.com/news/article.wbp?article-id=21BE0EDB-3466-4C20-9A01-8E519B6C001D