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Mechel Q2 Profit Down

Mechel posted a 38 percent decline in second-quarter earnings because of its money-losing steel business.

Net income fell to $192 million from $309 million in the first quarter, the producer of coking coal said Tuesday in a regulatory filing. Mechel is struggling to reduce $8.6 billion of net debt built up from acquisitions of coal assets in eastern Siberia and the United States.

The company last month delayed a plan to sell shares of its mining unit in London. Second-quarter earnings before interest, taxes, depreciation and amortization rose 8 percent to $612 million. Mechel's steel business recorded a $71 million loss in the quarter.

(Bloomberg)

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