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Mechel PAO (NYSE:MTL) has signed an ecological cooperation agreement with Chelyabinsk Region's Governor to enhance water resource management at its Chelyabinsk Metallurgical Plant. The initiative includes measures to stop waste water disposal and upgrade cleansing systems by 2024, with an investment of approximately 1.5 billion rubles. This move aims to reduce waste water discharge into the Miass River by as much as 85%. Concurrently, Mechel continues ecological upgrades valued at over 10 billion rubles to decrease air emissions.
Mechel PAO (NYSE: MTL) has extended its coal supply contract with STX Corporation until December 2021. Under the agreement, Mechel will supply up to 1 million tonnes of coking and thermal coal, building on 800,000 tonnes shipped last year. STX will finance the coal supply to Asia Pacific, with pricing based on market conditions. CEO Oleg Korzhov noted that coal demand is recovering, and prices for coking coal may rise by 25% over the next 18 months, indicating a strategic move for future growth.
Mechel PAO (MOEX: MTLR, NYSE: MTL) has initiated a comprehensive repair campaign at its mining division's washing plants, with a total investment exceeding 1 billion rubles. Key upgrades are being made at the Neryungrinskaya Washing Plant, including new sizing screens and centrifuges. Similar enhancements are set for other facilities, aimed at improving production output and equipment reliability. CEO Igor Khafizov emphasized that these upgrades are crucial for maintaining high-quality exports of coal and iron ore concentrates.
Mechel PAO (NYSE: MTL) announced the appointment of Ekaterina Silayeva as the new human resources director, joining the Management Board. Silayeva, who has extensive experience within the company, replaces Natalya Trubkina. Her previous roles include significant positions in remuneration and social policy, as well as personnel policy. CEO Oleg Korzhov praised her capabilities and wished her success in the new role. This leadership change aims to enhance the company's human resources and organizational development.
Mechel PAO (MOEX:MTLR, NYSE:MTL) reported a consolidated revenue of 64.5 billion rubles for 2Q 2020, a 4% decline compared to 1Q 2020. Consolidated EBITDA dropped by 33% to 8.9 billion rubles due to reduced demand and higher operational costs during the coronavirus pandemic. Profit attributable to equity shareholders hit 47.1 billion rubles, bouncing back from a loss in the previous quarter. Despite challenges, the company anticipates a recovery in demand for its steel and coal products as global conditions improve.
Mechel PAO (NYSE: MTL) reported its 1H2020 operational results, revealing no significant impact from COVID-19 on its mining segment. However, the steel division experienced a decline in sales during 2Q2020. The company noted a 7% increase in coal mining volumes and a 14% rise in coking coal concentrate sales. Despite these gains, coal prices hit a four-year low due to strict Chinese import standards.
Production of pig iron and steel rose by 5% and 6%, respectively, while iron ore concentrate sales decreased by 18%. Overall, the company adapted to market demands amidst the pandemic's challenges.
Mechel PAO (MOEX:MTLR)(NYSE:MTL) plans to release its operational and financial results for the first half of 2020 on August 19, 2020.
The company, a major player in the mining and metals sector, operates a unified production chain from raw materials to high value-added products.
Investors should note that the forthcoming results may include forward-looking statements, which are subject to risks that could significantly impact actual performance.
Mechel PAO (MOEX:MTLR)(NYSE:MTL) plans to release its operational and financial results for the first half of 2020 on August 19, 2020. As a major player in the mining and metals industry, Mechel's products are distributed globally across Europe, Asia, North and South America, and Africa. The company emphasizes that any forward-looking statements made are subject to risks and uncertainties that could lead to different outcomes. Investors are encouraged to review documents filed with the U.S. Securities and Exchange Commission for detailed risk factors affecting future performance.
