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Despite more than doubling its market cap YTD, Mechel's projected P/E ratio is still bellow 2 and nearing 1, given a number of positive wider trends.
Mechel's steel segment is set to benefit from EU competition losing out to Russian rivals, mostly because of environmental initiatives.
Its coal sector is set to benefit as well, given improving demand prospects in Asia.
The domestic Russian market is also set to benefit from sustained rise in commodity prices. A booming Russian economy should translate into higher steel demand.