Earnings at Russian miner and steel producer Mechel dropped by 19% year-on-year in the first quarter of 2018 due to weaker sales by its mining division, the company announced on Thursday May 24.
The New York-listed company's adjusted consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) were 18.44 billion roubles ($300.01 million) in January-March 2018, against 22.81 billion roubles for the corresponding period last year.Although output was strong across the board and prices for coking coal products stayed high, sales were down by significant margins. And sales of iron ore concentrate were down by nearly half.The mining division added 10.48 billion roubles to consolidated Ebitda, down by 47% year-on-year from 19.96 billion roubles...