MOSCOW, July 22, 2014 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, reports reaching record results in supplying coal to Asia Pacific in the first half of this year.
In January-June 2014, Mechel exported 5.3 million tonnes of coal to Asia Pacific markets, which is the highest result in the company's history. In the same period in 2013, the company shipped approximately 3.8 million tonnes of coal to Asia Pacific. Mechel's coal exports to the East thus increased by 39%, with Asia Pacific states accounting for 75% of its total coal export.
Shipments for Asia Pacific customers generally go by sea through Port Posiet in Primorye, which is part of Mechel, and Port Vanino in Khabarovsk Region. Record shipment results were primarily due to the launch of specialized transshipment coal complex at Port Posiet into preliminary operation. Mechel's shipments through Port Vanino also increased due to upgrading of the port's transshipment equipment which is currently under way.
"The Group's sales subsidiaries focus their attention on the burgeoning Asian markets. We successfully work at expanding our business ties with coal consumers in that region and intend to consolidate our leading position among global exporters. Our indisputable advantages lie in our Far Eastern coal deposits' close proximity to Asia Pacific, comfortable logistics and fairly low mining costs," Mechel OAO's Chief Executive Officer Oleg Korzhov noted.
Mechel is an international mining and steel company which employs over 70,000 people. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.
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 Ekaterina Videman Tel: + 7 495 221 88 88 email@example.com