Mechel Reports Suspension of Mechel Bluestone Mining Facilities
MOSCOW, Oct. 22, 2012 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the
leading Russian mining and metals companies, reports temporary halting of
mining facilities of Mechel Bluestone (West Virginia, USA), which is part of
the Group's mining division.
Due to accumulated inventories of coal, Mechel decided to temporarily suspend
mining at some facilities of Mechel Bluestone's mining complexes — Keystone,
Justice Energy and Dynamic Energy. The Frontier mine in Wyoming County, which
is part of Dynamic Energy, as well as the K-2, Red Fox and Coal Mountain
washing plants, will continue operating.
Taking into account current contracts, as well as inventories of 650,000
tonnes of raw coal and 345,000 tonnes of finished product, operations at the
suspended facilities are expected to resume in two to three months. All
obligations under pre-existing contracts will be met.
Mechel is one of the leading Russian companies. Its business includes four
segments: mining, steel, ferroalloy and power. Mechel unites producers of
coal, iron ore concentrate, nickel, ferrochrome, ferrosilicon, steel, rolled
products, hardware, heat and electric power. Mechel products are marketed
domestically and internationally.
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
The Mechel OAO logo is available at
CONTACT: Mechel OAO
Tel: + 7 495 221 88 88
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