Mechel Reports Chairman of Mechel OAO Board of Directors Meeting With POSCO Chief Executive Officer
MOSCOW, Sept. 10, 2012 (GLOBE NEWSWIRE) -- Mechel OAO (MTL), one of the leading Russian mining and metals companies, reports the meeting between Chairman of Mechel OAO's Board of Directors Igor Zyuzin and POSCO Chief Executive Officer Chung Joon-Yang during the Business Summit of the Asia Pacific Economic Cooperation (APEC).
During the meeting, the two sides discussed the results of the joint efforts made according to the Framework Project Agreement signed by the two companies in 2011. The Agreement calls for strengthening and expanding mutual cooperation for implementation of joint projects in the steel industry, mining and logistics.
The sides discussed options for further development of their strategic partnership and issues of expanding cooperation regarding supplies of Mechel coal products to POSCO enterprises.
Construction of a permanent worker settlement at Elga Coal Complex, where POSCO construction subsidiary POSCO A&C is general contractor, was also discussed.
Construction of a permanent worker settlement at Elga Coal Complex is a key milestone for developing the Elga deposit, one of the world's largest coking coal fields with 2.2 billion tonnes of reserves under JORC standards of coal grades that are highly in demand both domestically and internationally.
Mechel OAO has long-standing and stable partnership relations with enterprises in South Korea, where it exports coal products. POSCO is one of the world's leading steelmaking companies and a major consumer of Mechel's coking coal.
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.
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Source: Mechel OAO 2012 GlobeNewswire, Inc.