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MOSCOW, Feb. 27, 2013 (GLOBE NEWSWIRE) --
Mechel OAO (NYSE:MTL),
one of the leading Russian mining and metals companies, reports that Chairman of Mechel OAO's Board of Directors Igor Zyuzin visited the Republic of Korea and attended the inauguration ceremony for the Republic of Korea's President Park Geun-hye.
By invitation of the Republic of Korea's President Park Geun-hye, Igor Zyuzin visited the Republic of Korea and attended the presidential inauguration ceremony. According to the Korean embassy in Russia, this was the first time in the country's diplomatic practice that the decision was made to invite as the president's personal guests business representatives from key partner countries which make a significant contribution to the South Korean economy.
As part of the trip, Mr. Zyuzin met with the heads of several of South Korea's largest companies — POSCO, Hyundai Steel and STX Business Group — to discuss further development of long-term ties in steelmaking, mining and logistics. The sides agreed to continue cooperation on long-term and mutually beneficial basis.
Mechel OAO has already signed strategic partnership agreements with these companies.
"We are grateful to President Park Geun-hye for her invitation to visit the Republic of Korea and witness such a significant event for the Korean people as the inauguration of their first female president. Mechel has high hopes for the development of the Republic of Korea and all of Asia, which we see clearly today. In our turn, we too feel the intense interest of major South Korean companies for Mechel Group's strategic projects. This may be considered as proof that our cooperation is mutually profitable," Mechel OAO's Chairman of the 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.