Mechel's net debt to EBITDA ratio now stands at 6.4 times. "The deterioration of Mechel's financial position is directly related to price declines in the market for thermal coal," Maxim Khudalov, an analyst at the ACRA rating agency, said. Thursday's interim results showed that Mechel's net profit in the second quarter stood at 1.4 billion roubles, compared to 11.34 billion roubles in the previous quarter.