Mechel Reports Resumption of Work at Otelu Rosu Plant
OTELU ROSU, Romania, March 27, 2012 (GLOBE NEWSWIRE) -- Mechel OAO (MTL), one of the leading Russian mining and metals companies, reports that smelting production at Ductil Steel Otelu Rosu plant in Romania has resumed.
Operations at Otelu Rosu's smelting workshop, which were temporarily halted due a contingency situation following a malfunction in the technological process at the electric arc furnace, resumed on March 24. The workshop resumed operating as normal on March 26.
All of the incident's effects were eliminated as a result of measures implemented at the plant.
Mechel-Steel Management OOO's Chief Executive Officer Andrey Deineko noted: "Thanks to our eliminating the malfunction's consequences in the shortest possible time, the halt's effect on the annual steel production plans can be considered as insignificant."
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.
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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.
CONTACT: Mechel OAO Ekaterina Videman Tel: + 7 495 221 88 88 email@example.com
Source: Mechel OAO 2012 GlobeNewswire, Inc.