Mechel PAO (MTL), a company engaged in mining, power, and steel businesses, has seen a tremendous increase of 37.19% in the premarket trading session. As a result, MTL stock is changing hands at $4.39 at the time of writing. On Monday, MTL stock closed the day at $3.20, a decrease of 1.54%.
Appointment of CFO
On the 30th of August, MTL announced the appointment of Andrey Pasynich as chief executive officer of Mechel Mining Management Company. Andrey replaced Igor Khafizov, who left the company. Since 2019, Andrey was the head of Mechel Mining Management’s operations department. Before that, he was deputy technical director at Siberian Anthracite AO. He has experience of over 3 decades in the mining industry. He graduated from Moscow Mining Institute. Mechel PAO’s Chief Executive Officer Oleg Korzhov praised the performance of Igor Khafizov on the occasion and said that Igor made an invaluable contribution to Mechel Group’s creation as it is now. He welcomed Andrey and said that Andrey is a real mining professional, as he has proved it with his achievements.
Q2 2021 financial results
On the 27th of August, MTL released the quarterly results for the second quarter of fiscal 2021, which ended on 30th June. According to the details, the consolidated revenue from the contracts with external customers during the second quarter stood at $1.49 billion, an increase of 43%. The consolidated EBDITA for the quarter stood at $0.46 billion, nearly doubling from the previous quarter. The gross profit grew during the quarter by $0.24 billion. Operating cash flow during the quarter stood at $0.21 billion. The finance costs were $77.83 million. The company also announced the financial results for the first half-year of 2021. According to those, the company generated consolidated revenue of $2.52 billion during the half-year. It had a consolidated EBDITA of $0.71 billion during that time frame. The generated during the time frame was $0.43 billion.
MTL paid dividends
On the 17th of August, MTL reported paying dividends to its shareholders based on the results of 2020. The company said that it had accrued a sum of $2.22 million for dividends paid to its shareholders.
MTL repaid loans
On the 4th of August, MTL announced that Mechel Group’s Beloretsk Metallurgical Plant discharged all obligations to Russia’s industrial development fund. The obligations were about the target loan for the production of multi-strand wire ropes. The plant received a $3.49 million loans in 2016. The loan was meant to acquire new rope production as well as polymer coating lines. Mechel PAO’s Chief Executive Officer Oleg Korzhov commented that he is grateful to Industrial Development Fund that provided financing for Beloretsk Metallurgical Plant’s promising import-substituting project.
What’s ahead for MTL?
Indicators and recent performances reveal a very optimistic picture of MTL. During previous quarter, MTL stock increased by 44.80%, while during last 12 months, it has increased a massive 92.77%. Based on these statistics, it is quite easy to say that MTL stock has slowly and steadily started to dominate the investment markets.
