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Mechel OAO
Mechel OAO
01/18/2013 | Press release
18.01.2013 Mechel Reports Selling Part of Controlling Stake in Vanino Sea Trade Port OAO to Investors.. more
distributed by noodls on 01/18/2013 12:07
In line with the conditions for the financing of the acquisition of 55% (73,33% of common shares) of Vanino Sea Trade Port OAO's share capital, Mecheltrans OOO sold a part of the port's common shares to Russian and foreign investors, retaining some 1.5% of the enterprise's common shares. Investors are not interested in transhipping their products through Port Vanino, which will enable Mechel to use the port's entire capacity in the company's interests.
Port Vanino has already begun shipping Mechel's cargo. The first vessel carrying 30,000 tonnes of Yakutugol Holding Company OAO's coal products has left port. Today another vessel, which will carry 40,000 tonnes of Yakutian coals, is being loaded at the port.
Access to Port Vanino's transhipment capacities significantly enhances Mechel's export potential in Asia and the Pacific and ensures guaranteed sales volumes for the Group's coal products from Southern Kuzbass Coal Company OAO and Yakutugol Holding Company OAO, taking into account the Elga deposit development.
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Mechel OAO
Pavel Taran
Phone: + 7 495 221-88-88
pavel.taran@mechel.com
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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.
