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American depositary receipts for Mechel(MTL Quote) took a tumble today after the company posted lackluster earnings news this morning. The Russian mining and steel operator finished the day down 2.4%, or 18 cents, at $7.35.
This morning, the company said in a press release that it lost $690.7 million in the first quarter, primarily citing forex struggles, with the ruble sliding against both the dollar and the euro. The currency woes added up to a $591.9 million hit. In the year-ago period, Mechel posted a $500 million net profit.
Earnings before interest, taxes, depreciation and amortization came to a negative $474.3. ...
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