Mechel Announces Management Changes at Izhstal OAO
MOSCOW, Dec. 19, 2012 (GLOBE NEWSWIRE) -- Mechel OAO (MTL), one of the leading Russian mining and metals companies, announces the appointment of a new Managing Director of Izhstal OAO (Izhstal), part of Mechel Group.
Anatoly Shchetinin, 55, who was appointed the new Managing Director of Izhstal OAO, replaces Konstantin Kretov, who headed the plant since February 2011.
"Anatoly Shchetinin is always appointed to front-line, important work in Mechel's steel division. He is a strong and experienced manager, well-versed in steelmaking technology. In the past few years, Izhstal OAO has implemented a large-scale project to modernize its production facilities. Today the plant needs to reach project capacity for the high-tech steelmaking and rolling facilities that have been installed as part of that project, which will enable Izhstal to significantly increase its competitive edge in the market for specialty steels and stainless rolls. We are sure that Anatoly Shchetinin's experience and leadership skills will help the enterprise tackle this task successfully," Mechel-Steel Management OOO's Chief Executive Officer Vladimir Tytsky noted.
Prior to his appointment, since November 2011 Mr. Shchetinin was managing director at Mechel's Eastern European Steel Division's Otelu Rosu plant. Before that, since July 2008 until October 2011 he worked as project chief at Chelyabinsk Metallurgical Plant OAO. In 2006-2008, he held several management posts at Evraz Holding OOO. In 2005-2006, he was chief executive officer at Chelyabinsk Steel Profiled Sheet Plant OAO. In 2001-2005, Mr. Shchetinin was chief executive officer at Southern Urals Nickel Plant OAO. In 1984-2001, he worked on various posts at Chelyabinsk Metallurgical Plant OAO.
Mr. Shchetinin graduated from Chelyabinsk Polytechnic Institute with a specialty in smelting of ferrous and non-ferrous metals and holds a doctorate in technical sciences. He has been awarded the medal of Russia's Order for Merit to the Motherland state award II class and the Order for Honor and Valor.
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 Pavel Taran Tel: + 7 495 221 88 88 email@example.com
Source: Mechel OAO 2012 GlobeNewswire, Inc.