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Thursday, May 18, 2006

First Sukhoi, Now Mechel

Reuters reports more evidence that the fundamentals of Russia's economy are teetering over the abyss even as the price of oil skyrockets:

MOSCOW, May 18 (Reuters) - Russia's New York-listed steel maker Mechel (MTL.N: Quote, Profile, Research) reported 2005 net profit of $381 million on Thursday, down from a restated $543 million a year earlier and below analysts' average forecast of $399 million.Mechel said its 2005 revenues totalled $3.80 billion, up from $3.64 billion in 2004 and close to an average analysts' forecast of $3.79 billion.

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