Russian miner Mechel hopes to increase coal production by up to 15% this year after making a record net loss of $4.3 billion in 2014 due to $3.9 billion in write-offs relating to asset sales and a weaker ruble, according to Reuters.
The Russian ruble’s depreciation against the dollar has made Mechel’s coal more competitive in dollar-denominated markets, boosting its export sales and reducing its net debt by 23% to $6.8 billion. Oleg Korzhov, Mechel’s CEO, said the company planned to increase coal production by between 11% and 15% this year to as much as 26 million tons.
