Russia's Mechel posts 89.7% rise in US GAAP net profit in 9M07

MOSCOW, December 11 (RIA Novosti) - Mechel [NYSE: MTL], a leading Russian mining and steel company, said on Tuesday its U.S. GAAP net income increased 89.7% year on year in the first nine months of 2007 to $706 million.

The company said its revenues increased 47.9% to $4.6 billion, EBITDA (earnings before interest, taxes, depreciation and amortization) climbed 80.2% to $1.2 billion and the EBITDA margin stood at 25.9% in the reporting period.

"In the first nine months of 2007, Mechel has demonstrated strong financial results, supported by steadily rising production output and a favorable environment across our customer markets," Mechel CEO Igor Zyuzin said.

Mechel 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.

In 2006, the company's output totaled 17.01 mln metric tons of coal, 5.95 mln tons of steel, and 4.71 mln tons of rolled products.