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Mechel Slumps as First-Quarter Profit Falls 29% on Coal Drop

OAO Mechel retreated for the first day in five after Russia’s biggest producer of coking-coal said profit slumped 29 percent in the first quarter as coal prices declined.

Mechel fell 2.4 percent to 203.70 rubles by 11:56 p.m., the most since June 13.

Net income declined to $218 million from $309 million a year earlier, Mechel said in a statement today. Revenue rose 0.5 percent to $2.95 billion. Mechel trades at 4.8 times estimated earnings, the cheapest level since June 14.

“Coal prices dropped dramatically in the first quarter,” Oleg Petropavlovsky, an analyst at Broker Credit Service in Moscow, said by phone.

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