UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

~~August~~November 1817, 2022

(Commission File No. 001-32328)

MECHEL PAO

(Translation of registrant’s name into English)

Krasnoarmeyskaya 1,

Moscow 125167

Russian Federation

(Address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7): [ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

MECHEL REPORTS ~~1H2022~~3Q2022 OPERATIONAL RESULTS

Moscow, Russia – ~~August~~November 1817, 2022 – Mechel PAO (MOEX: MTLR, NYSE: MTL), one of the leading Russian mining and metals companies, reports ~~1H2022~~3Q2022 ~~and 2Q2022~~ operational results.

Mechel PAO’s Chief Executive Officer Oleg Korzhov commented on the results:

“~~The~~In ~~upward~~the ~~trend~~first half of 3Q2022 global price indexes for ~~average~~coking ~~commodity~~coal ~~and~~concentrate ~~steel~~demonstrated ~~product~~a ~~prices,~~downward ~~which~~trend. ~~began~~In inthe ~~2021,~~second ~~also~~half ~~persisted~~of inthis ~~1Q2022,~~reporting ~~but~~period ~~started~~they tobounced ~~weaken~~back ~~gradually~~to ina ~~2Q2022~~stable level. InThis ~~July-August~~market ~~prices~~trend ~~continued~~was due primarily to ~~slump.~~China’s Weharsher ~~consider~~quarantine measures in the ~~positive~~summer ~~price~~months, ~~dynamics~~which ~~early~~led to limitations in the ~~year~~work of the country’s steelmakers and a ~~result~~slump in sales of ~~resurging~~finished ~~global~~steel ~~demand~~products. ~~following~~Prices ~~several~~went ~~waves~~up ofagain ~~the~~in ~~coronavirus~~mid-August ~~pandemic~~in hopes for a stable demand in China’s and India’s steel industry.

“~~The~~In ~~investment~~this ~~program~~reporting ~~aimed~~period, Mechel decreased its quarterly overall coal output by 12% due to a decrease in mining at ~~upgrading~~Southern Kuzbass Coal Company’s facilities. This factor, as well as the ~~mining~~increased ~~equipment~~periods ~~led~~of delivery to ~~increased~~ports ~~mining~~due ~~volumes~~to ~~both~~railway ~~quarter-on-quarter~~repairs ~~and~~that ~~and~~limited the railroad infrastructure’s carrying capacity, prompted the 15-percent decrease in ~~1H2022~~coking ~~compared~~coal toconcentrate’s ~~1H2021~~sales quarter-on-quarter.

“~~The~~Our ~~decrease~~PCI inexports ~~coal~~to ~~product~~South-East Asia and Asia Pacific were performed on a stable basis. We increased PCI sales inby ~~1H2022~~15% ~~was~~quarter-on-quarter. As for anthracites, due to ~~two~~introduced ~~factors~~logistical —limitations ~~high~~we ~~figures~~are ofredirecting ~~1H2021,~~our ~~when~~sales ~~the~~volumes ~~company~~and ~~successfully~~expanding ~~managed~~into tonew ~~sell~~markets, ~~off~~including ~~significant~~Russia’s ~~stockpiles,~~own ~~and~~domestic ~~limited~~market ~~carrying~~and ~~capacity~~that of ~~railroads~~the ~~leading~~CIS. The 14-percent decrease in anthracite sales quarter-on-quarter was due to ~~Far~~a ~~Eastern~~contracted ~~ports~~batch’s indelivery ~~2Q2022~~put off until the fourth quarter of 2022.

“~~Anthracite~~The ~~sales~~21-percent hike in ~~2Q2022~~thermal ~~went~~coal upsales bywas ~~36%~~ due to our involving stockpiles accumulated ~~earlier~~by ~~at Southern Kuzbass Coal Company~~3Q2022.

“~~Thanks~~Sales toof ~~our investment program,~~ Korshunov Mining Plant’s ~~increased output and sales —~~iron ore ~~sales~~concentrate went updown by 189% ~~in 1H2022 year~~quarter-on-~~year~~quarter ~~and~~as byits ~~36%~~chief inconsumer, ~~2Q2022~~Chelyabinsk ~~quarter-on-quarter.~~Metallurgical ~~Nearly~~Plant, ~~all~~had less need of ~~that~~it. ~~iron~~A ~~ore~~similar ~~goes~~picture — the decrease in commodity demand from Russian majors as well as changes to ~~Mechel~~market ~~Group’s~~geography ~~own~~— ~~Chelyabinsk~~led ~~Metallurgical~~to ~~Plant~~a seven-percent quarter-on-quarter decrease in coke sales.

“In this ~~reporting~~accounting period, ~~domestic~~Chelyabinsk ~~coke~~Metallurgical Plant held a major overhaul campaign, which involved blast furnace #1, converter #2 and concaster-5. This led to a decreased output of pig iron and steel (by 9% and 10% respectively compared to 2Q2022). Overall sales of rolled longs went down by 5% due to adecreased ~~slump~~exports. The downward trend in ~~demand~~average ~~from~~prices ~~Russian~~for ~~steelmakers~~steel rolls, aswhich ~~did~~began ~~exports~~in as2Q2022, ~~sales~~became toeven ~~Western~~more ~~countries~~pronounced ~~were~~in ~~limited~~the third quarter. Sales of rolled flats remained mostly at 2Q2022’s level.

“~~The~~Introduced ~~steel~~export ~~division~~bans ~~demonstrated~~led ~~stable~~to ~~operations~~a ~~in this reporting period, as steel and pig~~35-~~iron~~percent ~~output~~slump ~~went~~in upsales ~~by 7% and 6% accordingly. Customer fears~~ of ~~possible~~Bratsk ~~supply~~Ferroalloy ~~interruptions~~Plant’s inferrosilicon ~~1Q2022 fueled demand for long rolls. Starting in 2Q2022~~sales, ~~due~~compared to ~~export~~the ~~limitations~~previous ~~and domestic oversupply, demand trends turned downward~~quarter. ~~Negative price trends for almost every kind of steel product persist to this day. We increased sales of long steel by 6%. Sales of flat steel went down by 10%.~~

“The ~~overall~~six-percent ~~decrease~~increase in hardware sales ~~was 1% in 1H2022 year-on-year and 16% in 2Q2022~~ quarter-on-quarter, was due to a ~~slump~~hike in domestic ~~demand~~sales ~~for~~of ~~wire. At the same time, in 2Q2022 we managed to expand our client base for~~ Beloretsk Metallurgical Plant’s wire ~~ropes,~~ and ~~sales~~rebar ~~of this high-margin type of hardware surged up 9% quarter-on-quarter~~strands.

“InActive ~~1H2022,~~sales ~~forgings~~of ~~sales~~accumulated ~~went~~stockpiles upled byto ~~8%,~~a ~~primarily~~24-percent ~~due~~increase toin ~~increased~~forgings ~~output~~sales ofcompared ~~stainless~~to ~~products~~the asprevious ~~well~~quarter. asIn the ~~effect~~third ofquarter, ~~comparing~~Russian ~~against~~wagon ~~low-key~~makers ~~results~~reduced oftheir ~~the~~moving ~~same~~stock’s ~~period~~output ~~last~~just ~~year.~~as Inthey did in the second quarter, ~~domestic~~and ~~forgings~~so ~~sales~~demand ~~remained~~for atvarious ~~the~~railway ~~previous~~axles ~~quarter’s~~also ~~level,~~went ~~and~~down. ~~the~~As ~~44-percent~~such, ~~decrease~~Urals ofStampings ~~the~~Plant ~~overall~~reduced ~~forgings~~stampings sales ~~was due to limitations introduced~~ by ~~Europe~~44% ~~and~~in ~~supply~~this ~~chain~~reporting ~~interruptions~~period.

“InThe ~~1Q2022,~~three-percent ~~wagonbuilders~~decrease ~~actively~~in ~~replenished~~electricity ~~their~~generation ~~stock~~quarter-on-quarter ofwas ~~railway~~due ~~axles,~~to ~~which~~planned ~~reflected~~repairs onof ~~the~~our ~~1H2022~~power ~~stampings~~facilities’ ~~sales~~equipment. ~~However,~~The decrease in ~~the~~heat ~~second~~generation ~~quarter~~is ~~the~~of ~~trend~~seasonal ~~has reversed and sales dropped 32% quarter-on-quarter~~nature.”

“Bratsk Ferroalloys Plant’s ferrosilicon sales went down 5% due to changes in the logistical supply chains.

“The 26-percent decrease in electricity generation in 1H2022 was due to planned repairs and maintenance at the company’s heat and electricity generators. The four-percent decrease in heat generation was due to higher temperatures during the heating period of 2022.”

Production (thousand tonnes):

Product Name	~~2Q2022~~3Q2022	~~1Q2022~~2Q2022	%	~~1H2022~~9M2022	~~1H2021~~9M2021	%
Run-of-mine coal*	3,165	2,818	+12	5,983	5,604	+7
Run-of-mine coal	2,790	3,165	-12	8,773	8,537	+3
Pig iron	~~820~~744	~~849~~820	-39	12,~~668~~412	12,~~568~~358	+62
Steel	~~924~~828	~~929~~924	-110	12,~~853~~681	12,~~724~~615	+73
Electric power generation (thousand kWh)	~~492~~476,~~354~~934	~~694~~492,~~114~~354	-293	1,~~186~~663,~~468~~402	12,~~600~~117,~~185~~686	-2621
Heat power generation (Gcal)	906,796	1,971,877	-54	2,878,673	2,986,560	-4


Heat power generation (Gcal)	662,408	906,796	-27	3,541,081	3,695,061	-4

Sales (thousand tonnes):

Product Name	~~2Q2022~~3Q2022	~~1Q2022~~2Q2022	%	~~1H2022~~9M2022	~~1H2021~~9M2021	%
Coking coal concentrate	1,~~230~~050	~~850~~1,230	~~+45~~-15	23,~~081~~130	23,~~377~~434	-129
Including coking coal concentrate supplied to third parties	~~805~~728	~~426~~805	~~+89~~-10	1,~~231~~959	12,~~566~~168	-2110
PCI	~~221~~254	~~235~~221	-6+15	~~456~~710	~~576~~897	-21
Including PCI supplied to third parties	~~221~~254	~~235~~221	-6+15	~~456~~710	~~576~~897	-21
Anthracites	~~390~~336	~~287~~390	~~+36~~-14	~~676~~1,013	~~707~~1,051	-4
Including anthracites supplied to third parties	~~311~~281	~~232~~311	~~+34~~-10	~~543~~823	~~632~~925	-1411
Thermal coals	~~728~~879	~~851~~728	~~-14~~+21	12,~~579~~457	12,~~693~~336	-7+5
Including thermal coals supplied to third parties	~~540~~654	~~644~~540	~~-16~~+21	1,~~184~~839	1,~~178~~632	+113
Iron ore concentrate	~~506~~461	~~370~~506	~~+36~~-9	~~876~~1,337	~~741~~1,108	+1821
Including iron ore concentrate supplied to third parties	7	7	-5+13	1321	1531	-1334
Coke	~~567~~525	~~586~~567	-37	1,~~153~~678	12,~~368~~059	-1618
Including coke supplied to third parties	~~190~~176	~~197~~190	-37	~~387~~563	~~602~~895	-3637
Ferrosilicon	2114	2221	-535	4356	3957	~~+11~~-1
Including ferrosilicon supplied to third parties	149	1714	-1538	3241	2842	~~+12~~-4
Long rolls	~~677~~646	~~642~~677	+-5	1 ~~319~~,964	1 ~~249~~,804	+69
Flat rolls	~~102~~101	~~101~~102	+1-2	~~204~~304	~~226~~332	-108
Hardware	~~117~~124	~~140~~117	~~-17~~+6	~~257~~381	~~259~~389	-12
Forgings	79	137	~~-44~~+24	2130	1927	+89
Stampings	148	2114	-3244	3543	3048	~~+18~~-10

***

Mechel PAO

Ekaterina Videman

Tel: + 7 495 221 88 88

ekaterina.videman@mechel.com

***

Mechel is an international mining and steel company. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.

***

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.

results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.



Mechel PAO


By:	Oleg V. Korzhov
Name:	Oleg V. Korzhov
Title:	CEO

Date: ~~August~~November 1817, 2022

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