Mechel posts negative EBITDA in H1 2026
Mechel reported negative EBITDA of 6.1 billion rubles for the first half of 2026, with a 23% year-on-year decline in revenue and a net loss of 41.5 billion rubles, amid ongoing challenges from low coal prices, weak steel market conditions, high interest rates, and sanctions.
Consensus
- Mechel reported negative EBITDA for the first half of 2026.
- Revenue declined by 23% compared to the same period in 2025.
- Net loss for shareholders was approximately 41.5 billion rubles.
- Net debt without penalties and fines as of June 30 was 289.6 billion rubles.
- 96.1% of the credit portfolio was in rubles, with the remainder in foreign currency.
- 89% of banks in the credit portfolio have state participation.
- Operational losses were slightly reduced compared to the previous year.
- The company cited low coal prices, weak steel market, high key interest rate, and sanctions as ongoing challenges.
Points of divergence
- EBITDA was -6.1 billion rubles, with analysts forecasting -3.7 billion rubles. — interfax
- Adjusted EBITDA was -6.05 billion rubles, and the company reported a 25% increase in operating losses. — vedomosti
- The company plans to produce around 10 million tons of coal in 2026. — interfax
- The company plans to produce around 11 million tons of coal in 2026. — vedomosti
- Financial expenses decreased slightly due to a reduction in the key interest rate. — interfax
- No mention of financial expenses decreasing; instead, the company highlighted persistent negative factors. — vedomosti
Coverage (2 sources)
- Melchior completed first half of year with negative EBITDA and profitability — Интерфакс
- «Mels» completed the half-year with a negative EBITDA indicator — Ведомости