Mechel Announces Signing Long-Term Partnership Agreement With STX Group
MOSCOW, Sept. 10, 2012 (GLOBE NEWSWIRE) -- Mechel OAO (MTL), one of the leading Russian mining and metals companies, announces the signing of a long-term partnership agreement with South Korea's STX Group during the Business Summit of the Asia Pacific Economic Cooperation (APEC).
Chairman of the Board of Directors Igor Zyuzin signed the agreement on behalf of Mechel OAO, and Chairman Kang Duk-soo signed it on behalf of STX Group. STX Group is one of South Korea's largest corporations, focusing on shipbuilding, construction, sea transit and energy.
The agreement aims to set up a mutually beneficial partnership between the two companies. The sides intend to cooperate in the long term on promoting products manufactured by Mechel enterprises and STX Group, and implementing possible joint projects. Those include cooperation in coal shipments, joint participation in development of ports and port terminals in Russia's Far East, as well as cooperation in sea transit issues.
Mechel Group has strong partnership ties with South Korean customers of its products. Mechel OAO's official representative office was opened in Seoul in August 2009.
"South Korean companies are traditional customers of Mechel's coal products. Strengthening business ties with progressive-minded companies such as STX Group are key to successful implementation of our strategy to ensure sales for the Elga coal deposit's coals," Chairman of Mechel OAO's Board of Directors Igor Zyuzin noted.
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 Maria Kolmogorova Tel: + 7 495 221 88 88 email@example.com
Source: Mechel OAO 2012 GlobeNewswire, Inc.