Support The Moscow Times!

Mechel Profit Up Ninefold

Mechel, the country's largest miner of coal used in steelmaking, said in a report published on its web site Monday that net income rose to $657.2 million in 2010 from $73.7 million a year earlier, an almost ninefold increase.

Sales increased to $9.75 billion from $5.75 billion during the period. Mechel's production rose to an "unprecedented" level during 2010, Boris Nikishichev, chief executive of Mechel Mining Management, said in the statement. The company produced 11.5 million tons of coal concentrate last year, 52 percent more than in 2009.

Flooding in Australia led to a rise in demand and prices for Mechel's output. The average price of coal doubled to more than $200 a ton last year.


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.