19 Oct 2009 16:39

Chelyabinsk Iron & Steel sees net profit decline 16% in Q3

MOSCOW. Oct 19 (Interfax) - Chelyabinsk Iron & Steel Works , which is part of the Mechel coal and steel group, saw third quarter net profit decline 16% year-on-year to 1.8 billion rubles, the company said in a statement.

The company blamed the lower profit on unfavorable exchange rate movements.

Chelyabinsk Iron & Steel is one of Russia's biggest steel producers. Mechel has consolidated controlling shares in coal and steel companies and a number of ports. It has assets in Russia, Romania and Lithuania. Igor Zyuzin, the chief executive, is the group's main beneficiary. The free float is around 25%.