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Mechel Reports The 1H 2012 Financial Results

Steel Segment Results For The 1H 2012

US$ thousand 1H 20 12 (1) 1H 20 11 (1) Change Y-on-Y
Revenue from external customers 3,546,794 3,817,400 -7.1%
Intersegment sales 145,527 163,797 -11.2%
Operating (loss) / income (460,363) 162,371 -383.5%
Net loss attributable to shareholders of Mechel OAO (640,841) (56,254) 1,039.2%
Adjusted net loss (1) (2) (152,452) (56,254) 171.0%
Adjusted EBITDA (1) (3) 139,841 215,215 -35.0%
Adjusted EBITDA, margin (4) 3.79 % 5.4 1% --
(1) See Attachment A.      
(2) Adjusted net loss is net loss adjusted for effects of impairment of long-lived assets and goodwill and provision for amounts due from related parties (including income tax and amounts attributable to noncontrolling interests effects)      
(3) Adjusted EBITDA is EBITDA adjusted for effects of remeasurement of contingent liabilities at fair value, forex gain/(loss), net result on the disposal of non-current assets, impairment of long-lived assets and goodwill, provision for the loan given to related parties, amounts attributable to noncontrolling interests and interest income      
(4) Adjusted EBITDA margin is calculated as a percentage of consolidated revenues of the segment, including intersegment sales.      
US$ thousand 2Q 20 12 (1) 1Q 20 12 (1) Change Q-on-Q
Revenue from external customers 1,897,661 1,649,133 15.1%
Intersegment sales 66,538 78,989 -15.8%
Operating (loss) / income (471,029) 10,666 -4,516.3%
Net loss attributable to shareholders of Mechel OAO (625,277) (15,564) 3,917.5%
Adjusted net loss (1) (2) (136,888) (15,564) -779.5%
Adjusted EBITDA (1) (3) 91,251 48,589 87.8%
Adjusted EBITDA, margin (4) 4.65 % 2.81 % --
(1) See Attachment A.      
(2) Adjusted net loss is net loss adjusted for effects of impairment of long-lived assets and goodwill and provision for amounts due from related parties (including income tax and amounts attributable to noncontrolling interests effects)      
(3) Adjusted EBITDA is EBITDA adjusted for effects of remeasurement of contingent liabilities at fair value, forex gain/(loss), net result on the disposal of non-current assets, impairment of long-lived assets and goodwill, provision for the loan given to related parties, amounts attributable to noncontrolling interests and interest income      
(4) Adjusted EBITDA margin is calculated as a percentage of consolidated revenues of the segment, including intersegment sales.      

Steel Segment Output and Sales For The 1H 2012

Production :
Product name 1H 2012, thousand tonnes 1H 2011, thousand tonnes 1H 2012 vs. 1H 2011, %
Pig iron 2,015 1,837 10%
Steel 3,392 3,009 13%

Product Sales:
Product name 1H 2012, thousand tonnes 1H 2011, thousand tonnes 1H 2012 vs. 1H 2011, %
Flat products 391 349 12%
Including those produced by third parties 237 213 11%
Long products 1,978 1,897 4%
Including those produced by third parties 403 379 6%
Billets 1,224 1,411 -13%
Including those produced by third parties 611 1,041 - 4 1 %
Hardware and welded mesh 463 463 0%
Including those produced by third parties 25 23 9 %
Forgings 28 30 -7%
Stampings 56 58 -3%

Mechel's steel segment's revenue from external customers in 2Q 2012 amounted to $1.9 billion, or 61% of the consolidated net revenue, an increase of 15.1% over the net segment's revenue from external customers of $1.6 billion, or 56% of consolidated net revenue, in 1Q 2012.

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