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Net debt of Mechel OAO for 9 months 2014 decreased by 9%

Mechel OAO, a leading Russian mining and metallurgical company, has announced its 9M 2014 results.

The net loss of Mechel OAO for this period amounted to $ 1,223 billion rubles, which is 46% less than the net loss for the same period of 2013.

Revenue for 9 months 2014 year compared to the same period last year decreased by 1,686 billion rubles.

Net debt also decreased by 9% due to partial redemption of bonds on offers and devaluation of the ruble and amounted to $ 7,84 billion.

Oleg Korzhov, General Director of Mechel OAO, commenting on the results of the past period, pointed out a number of factors that led to such an uneven dynamics of financial results. Among such factors, the CEO noted significant fluctuations in the ruble exchange rate and a significant decline in prices for coal and iron ore.

Recall that the Moscow Arbitration Court on December 5 satisfied the claim of VTB Bank to recover 2,99 billion rubles from Mechel OAO. This decision was made as a result of servicing the loan attracted in December 2010. Mechel OAO will appeal this decision, despite the fact that the company's counterclaim to amend the loan agreement was rejected.

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