Mechel steel giant's net profits almost triple in 1H07

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MOSCOW, October 3 (RIA Novosti) - Mechel [NYSE: MTL], Russia's leading steel and alloy producer, said Wednesday its U.S. GAAP net profits in the first six months of 2007 increased 170%, year-on-year, to $489.5 million.

The steel giant said its earnings for the period were up 55% to $2.9 billion, with operating profits climbing 250% to $739 million, and earnings before interests tax, depreciation and amortization (EBITDA) increasing by 140% to $814 million.

Established in 2003, Mechel is also Russia's second rolled steel producer. It has several metal plants in Russia, Romania and Lithuania. It unites producers of coal, ore, nickel, steel, and highly processed steel products for the domestic and foreign markets.

Mechel is included in the Russian Industrial Leaders Index RUXX, a composite economic index of 21 Russian companies with financial instruments traded on bourses, including the New York Stock Exchange, the London Stock Exchange, Nasdaq and AMEX.

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