Chelyabinsk Iron and Steel Works sees revenue tumble 44.4% in H1
CHELYABINSK. Aug 14 (Interfax) - Chelyabinsk Iron and Steel Works , which is part of the Mechel coal and steel group, saw sales revenue under Russian accounting standards (RAS) fall 44.4% to 24.945 billion rubles in the first half of 2009 compared to the same period of 2008, the company said in a report.
"The change in sales revenue in the second quarter of 2009 compared to the same period of last year resulted from a decline in shipment volumes, changes to the structure of metals sales markets, a drop in prices for goods produce and a reduction in costs due to structural shifts in production," the report says.
The plant worked at a higher level of production capacity in the second quarter than in the same period of last year.
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%.