Mechel Quarterly Loss Widens Ninefold on Ruble, Coal Prices
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OAO Mechel said its third-quarter net loss grew ninefold from three months earlier as foreign loans were revalued in ruble terms after the currency slumped and coking-coal prices declined for Russia’s largest producer.
The net loss was $575 million compared with $63 million in the second quarter, it said today in a filing. Sales fell 9 percent to $1.59 billion, and earnings before taxes, interest, amortization and depreciation rose 28 percent to $219 million as costs in rubles dropped relative to overseas earnings.