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Russian Mechel to reach debt repayment agreement

16 Aug 2019 13:38 reported by Ivy Wei

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Mechel, a global mining and metals company in Russia, expected a debt repayment agreement with its main creditors in the near future.

Mechel has asked banks to get back its debt repayments to 2024-2026 from 2020-2022 due to cash flow issues. The banks are now considering the offering and Mechel expected to reach the repayment agreement in the near future. Mechel's debts to Russia’s 3 largest state-controlled banks were around 348 billion roubles.

Mechel’s net profit in the second quarter was 1.4 billion roubles, compared to 11.34 billion roubles in the previous quarter. The sales of coking coal in the same rose by 13% compared to last quarter.

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