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MOSCOW, Oct. 22, 2012 (GLOBE NEWSWIRE) --
Mechel OAO (NYSE:MTL),
one of the leading Russian mining and metals companies, reports temporary halting of mining facilities of Mechel Bluestone (West Virginia, USA), which is part of the Group's mining division.
Due to accumulated inventories of coal, Mechel decided to temporarily suspend mining at some facilities of Mechel Bluestone's mining complexes — Keystone, Justice Energy and Dynamic Energy. The Frontier mine in Wyoming County, which is part of Dynamic Energy, as well as the K-2, Red Fox and Coal Mountain washing plants, will continue operating.
Taking into account current contracts, as well as inventories of 650,000 tonnes of raw coal and 345,000 tonnes of finished product, operations at the suspended facilities are expected to resume in two to three months. All obligations under pre-existing contracts will be met.
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.
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.