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Mechel Reports The 9M 2012 Financial Results

Ferroalloys Segment Results For The 9M 2012

US$ thousand  9M 2012 (1)  9M 2011   (1) Change Y-on-Y
Revenue from external customers 348,114 359,366 -3.1%
Intersegment sales 72,980 183,194 -60.2%
Operating loss (193,592) (8,983) 2,055.1%
Net loss attributable to shareholders of Mechel OAO (204,782) (32,437) 531.3%
Adjusted net loss (1) (2) (121,784) (32,437) 275.4%
Adjusted EBITDA (1) (3) (18,022) 57,102 --
Adjusted EBITDA, margin (4)   -4.28% 10.52% --
(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  3Q 2012 (1)  2Q 2012 (1) Change Q-on-Q
Revenue from external customers 91,007 132,376 -31.3%
Intersegment sales 23,025 22,141 4.0%
Operating loss (24,525) (135,297) -81.9%
Net loss attributable to shareholders of Mechel OAO (41,688) (107,055) -61.1%
Adjusted net loss (1) (2) (41,688) (24,057) 73.3%
Adjusted EBITDA (1) (2) (3,144) (7,381) -57.4%
Adjusted EBITDA, margin (3)   -2.76% -4.78% --
(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.

Product Sales :
Product name 9M 2012, thousand tonnes 9M 2011, thousand tonnes 9M 2012 vs. 9M 2011, %
Nickel 11 12.5 -12%
Including nickel supplied to Mechel enterprises 2 4.6 -56%
Ferrosilicon 57 65.8 -13%
Including ferrosilicon supplied to Mechel enterprises 22 22.2 -1%
Chrome 53 43.3 22%
Including chrome supplied to Mechel enterprises 6 12.9 -53%

The ferroalloy segment's revenue from external customers in 3Q2012 amounted to $91.0 million, or 3% of consolidated net revenue, a decrease of 31.3% compared with the segment's revenue from external customers of $132.4 million or 4% of consolidated net revenue, in 2Q2012.

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