Irkutsk
Ulan-Ude

Blagoveshchensk
Chita
Yakutsk

Birobidzhan
Vladivostok
Khabarovsk

Magadan
Yuzhno-Sakhalinsk

Anadyr
Petropavlovsk-
Kamchatsky
Moscow

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The net loss of Mechel by US GAAP decreased in the first half more than three times

Mechel's US GAAP net loss more than tripled in the first half of the year to $ 648 million against $ 2,12 billion in January-June 2013. EBITDA fell 38% to $ 250 million, the company's press service reported.

Mechel's revenue in the first half of the year decreased by 26% to $ 3,44 billion, EBITDA margin decreased by 7,27% versus 8,77% in the first half of 2013. 

By June 30, Mechel's net debt decreased by 5% to $ 8,65 billion. “As of June 30, 2014, net debt, not including liabilities under finance lease agreements, amounted to $ 8,65 billion. 

During the reporting period, we repaid obligations for almost $ 300 million, "the company notes. 

“We are continuing active negotiations with banks and look forward to reaching an agreement as soon as possible,” said Mechel CEO Oleg Korzhov.

In the first half of the year, the company reduced its capital expenditures by 24% to $ 276 million. Including $ 244 million invested in the mining segment, $ 30 million for the metallurgical segment and $ 2 million for the energy segment. Most of the investment went to the development of the Elgin coal project in Yakutia.

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