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Mechel Reports 1H2019 Operational Results

Coal News - Published on Fri, 16 Aug 2019

Image Source: SteelGuru
Leading Russian mining and metals company Mechel has announced 1H2019 operational results. Mechel CEO Mr Oleg Korzhov said “Our large-scale program of upgrading mining equipment at our mining assets is yielding obvious results. In the second quarter we increased coal output by a third, and by 41% at the Elga coal deposit, as our management’s attention was focused on increasing coking coal production. We have also stabilized the situation with railcar availability. As a result, coking coal concentrate sales went up by 13% quarter-on-quarter, both domestically (+12%) and in Asia Pacific (+21%). PCI sales went up by 9% in 2Q2019 quarter-on-quarter as we increased PCI sales to our Japanese clients. Southern Kuzbass Coal Company increased anthracite output in this accounting period. However, the sales results for this type of coal (-14%) reflect the fact that several major batches formed in the 4Q2018 were sold in the first quarter. As for thermal coal, in the second quarter its sales to Russian power stations and housing and utility companies saw a seasonal slump. However, we increased sales to the European Union (+37%) and Asia (+21%). Vietnam, which accounts for more than half of our thermal coal sales to third parties, is currently the chief consumer of Elga’s thermal coal.”

Product NameH1'2019H1'2018YoYQ2'2019Q2'2018YoY
Run-of-mine coal8,1369,691-164,6163,52031

Product NameH1'2019H1'2018YoYQ2'2019Q2'2018YoY
Coking coal concentrate3,6133,52131,9161,69713
Including coking coal concentrate supplied to third parties2,2412,06191,2181,02319
PCI supplied to third parties545680-202842619
Including anthracites supplied to third parties234541-57104130-20
Thermal coal2,6443,021-131,3111,333-2
Including thermal coal supplied to third parties2,3382,575-91,1511,187-3

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Posted By : Sanju Moirangthem on Fri, 16 Aug 2019
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