Excluding the effects of impairment of long-lived assets and goodwill and provision for amounts due from related parties the adjusted third-quarter net profit amounted to $132 million, Mechel added.

Analysts expected the company to report a net profit of $73 million, up from a year-earlier net profit of $26 million.

The company, controlled by billionaire Igor Zyuzin, said its revenue was down 12 percent to $2.7 billion quarter-on-quarter, while adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased 2.7 percent to $375 million.

Mechel's total debt stood at $9.7 billion as of September 30, while cash and cash equivalents amounted to $582 million.