Bloomberg reported that Mechel’s (NYSE:MTL) net profit fell 29%, in part due to sliding coal prices.

As quoted in the market news:

Net income declined to $218 million from $309 million a year earlier, Mechel said today in a statement. That beat the $125 million median estimate of five analysts surveyed by Bloomberg. Sales rose 0.5 percent to $2.95 billion.

Click here to read the full Bloomberg report.