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1/29/2013 4:40:01 PM
) announced the resumption of operations at some of its Bluestone
mining facilities in West Virginia, U.S. The decision to resume
operations at the mine was based on the decline in coal
inventories in the mine. The company resumed open pit mining at
the Justice and Dynamic Energy complexes. The complexes are
expected to produce about 135,000 tons a month.
Mechel released its third-quarter 2012 results in Dec 12. The company posted consolidated net income of $54.9 million for the quarter compared with $25.7 million in the year-ago quarter, representing a roughly 114% surge. Revenues for the quarter came in at roughly $2.71 billion, down 15.4% from $3.21 billion in the year-ago period.
The company registered an operating income of $126.7 million in the quarter compared with $529.5 million a year ago, leading to a contraction in operating margin. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) declined 44.7% year over year to $374.8 million in the quarter.
Mechel remains focused on improving its core divisions, such as mining and full-cycle steelmaking, and has adopted several measures to cut costs and increase sales. Its cost containment initiatives led to marked improvement in its bottom line in the third quarter.
Mechel currently retains a short-term Zacks Rank #4 (Sell).
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