Mechel, controlled by Russian businessman Igor Zyuzin, said its 2018 EBITDA profit decreased to RUB 75.67 billion ($ 1.2 billion) from $ 81.11 billion in 2017 .
Mechel has been negotiating restructuring with its creditors for several years now. In January, the company completed the restructuring of a $ 1 billion syndicated loan.
On Thursday, Mechel announced that its net debt amounted to 468 billion rubles by the end of 2018, an increase of more than one billion compared to 2017.
Mechel shares gained 4.93 percent at 11:30 GMT.
The company announced that the decrease in sales volumes of the mining division of Mechel is due to a shortage of railcars in the second half of the year.
" Given the bulk of the work that we have done last year to prepare reserves for mining, we expect production growth this year ", - said in a statement the head of the mining division Pavel Stark.
“ Consistently high prices for mining products will also help us improve our bottom line ,” he added.
According to Mechel, total revenues in 2018 increased by 5 percent compared to the same period a year earlier to RUB 312.6 billion, which is confirmed by positive steel price trends.
