Russian mining and steel group Mechel posted a much deeper net loss for 2025 as weak demand, lower sales volumes, softer prices and rising costs hit both its mining and metallurgical businesses. The company reported a net loss of RUB 78.6 billion, while revenue fell 26 percent year on year to RUB 287 billion and EBITDA dropped 86 percent to RUB 7.7 billion. Imports, especially from China, sanctions-related export pressure and high interest rates added to the strain. Net debt climbed to RUB 279.3 billion, while capital expenditure was cut 36 percent as the company moved to protect liquidity in a challenging steel market.