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[Ferro-Alloys.com] Mechel PAO (MOEX:MTLR, NYSE:MTL), one of the leading Russian mining and metals companies, announces 1H2020 operational results.
Mechel PAO's Chief Executive Officer Oleg Korzhov commented on 1H2020 operational results:
"We do not see any significant impact of the COVID-19 pandemic on our mining segment's operational results. Our facilities function in a stable mode and fulfill their obligations regarding product shipments. However, the pandemic's effect on the steel division's 2Q2020 sales is obvious, in both export and domestic markets. There was no traditional seasonal spike in demand.
"As Bratsk Ferroalloy Plant launched its upgraded ore thermal furnace #3, the plant increased output and sales of ferrosilicon (+46% quarter-on-quarter). Transfer of a major shipload, already prepared for dispatch, from the first to the second quarter contributed to this result.
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