Mechel Announces Payment of Dividends Based on 2011 Fiscal Year Results
MOSCOW, Aug. 13, 2012 (GLOBE NEWSWIRE) -- Mechel OAO (MTL), one of the leading Russian mining and metals companies, announces a dividend payment (including taxes) of 7,694,945,433.30 rubles (approximately US $241.2 million), based on the Company's results for the 2011 fiscal year.
Mechel OAO has allocated a total of 7,695,458,505.90 rubles (approximately 241.2 million US dollars*) (including taxes) for its annual dividend payment to shareholders for the 2011 fiscal year. This includes 4,340,316,301.20 rubles (approximately 136 million US dollars*) paid to holders of privileged registered book-entry shares or 31.28 rubles (approximately 0.98 US dollars*) per one privileged registered book-entry share, and 3,355,142,204.70 rubles (approximately 105.2 million US dollars*) paid to holders of ordinary registered book-entry shares or 8.06 rubles (approximately 0.25 US dollars*) per one ordinary registered book-entry share.
As of August 13, 2012, Mechel OAO's shareholders were paid a total of 7,694,945,433.30 rubles (including taxes; approximately 241.2 million US dollars*). Total dividends of 513,072.60 rubles (approximately 16,083.8 US dollars*), or 0.007% of the allocated amount, were not distributed to certain shareholders due to their failure to fulfill their obligations to provide information on their bank details required to transfer the dividends.
All funds to pay the dividends to the holders of Mechel's ADRs were transferred to the account of the Company's depositary bank Deutsche Bank.
* Based upon the Russian Central Bank exchange rate of 31.90 RUR/$ as of August 13, 2012.
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.
The Mechel OAO logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8181
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 Maria Kolmogorova Phone: + 7 495 221-88-88 email@example.com
Source: Mechel OAO 2012 GlobeNewswire, Inc.