Mechel, the Russian mining and metallurgical company, got rid of assets abroad. In its report for the second quarter, the company indicated that it had lost control over European assets.
Previously, the company had reported that it owned the Mechel Nemunas hardware manufacturing plant, located in Lithuania, with a production capacity of 100,000 tons of hardware per year.
In February 2024, the US imposed sanctions on Mechel.
“After being included in the sanctions list, Mechel took steps to revise and correct its long-standing sales activities. From the second quarter of this year onwards, sales of coal products traditionally exported were redirected towards the domestic market,” the company stated in its report.
According to the results of the first half of 2024, Mechel PJSC lost 16.7 billion rubles, compared to a loss of 3.5 billion in the same period in 2023.
Mechel is Russia’s leading manufacturer of coking coal concentrates and owns more than a quarter of all coking coal production facilities in Russia. The company also produces steel products and hardware and has a network of more than 80 metal trading divisions, including 18 service centers.
Igor Vladimirovich Zyuzin is the largest shareholder and Chairman of Mechel’s Board of Directors.
