UPDATE 2-Mechel swings to Q1 loss on weak coal demand, forex

* Q1 net loss $691 mln vs yr-earlier profit of $500 mln

* Co expects to sign debt restructuring deals next week

* Q1 EBITDA loss $474 mln vs yr-earlier profit $853 mln

* Q1 Revenue $1.18 bln, down 49 pct y/y

By Alfred Kueppers (Adds analyst comment, background on debt burden)

MOSCOW, July 10 (Reuters) - Mechel (MTL.N) became Russia's fourth coking coal and steel sector player to post a first quarter loss as weak demand and forex losses weighed on its bottom line, though it said a debt refinancing deal is imminent.

The net loss totalled $691 million compared with a year-earlier profit of $500 million in part because the weakening rouble reduced the 2009 figure by $592 million.

"If they continue to show such losses in this area, then it will be difficult to expect profits from them," Deutsche Bank analyst Olga Okuneva said, adding that she assumes the company will be loss-making this year.

Steel makers in Russia, the world's fourth-largest steel producing nation, are suffering from sharply lower global steel prices and weak domestic demand from the construction industry, auto manufacturers and other durable goods producers.

Mechel's first quarter performance was the local sector's second-worst, behind only Severstal (CHMF.MM), which lost $644 million in the period. [ID:nLF670439]

The company did not provide any financial guidance for the year, and conceded that it got off to a rocky start.

"The beginning of 2009 was a difficult period for our company," chief executive Igor Zyuzin said in a statement.

"It required significant efforts to adopt Mechel to the drastically falling world economy and keep production from being idled."

Mechel's first quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at a negative $474.3 million compared with the year-earlier $853.1 million profit.

Revenues in the period totalled $1.179 billion, down 49 percent from a year ago.