SINGAPORE, June 9, 2015 (GLOBE NEWSWIRE) -- Mechel ОАО (MICEX:MTLR) (NYSE:MTL), one of the leading Russian mining and metals companies, announces signing a memorandum with China's Jidong Cement, one of the world's top ten cement producers.
According to the signed memorandum, Mechel is due to supply 1 million tonnes of steam coal produced at Neryungrinsky and Elga open pits to Jidong Cement between April 2015 and March 2016. The price and exact volume of the supplies will be determined on a monthly basis.
The sides also agreed to consider expanding further their cooperation into supplies of metallurgical coals to Jidong Development facilities.
"The Chinese market remains a priority for Mechel's mining segment. It accounts for a major share - 70% - of our total sales to the entire Asia Pacific. With a global slump in demand for coal, it is particularly important for us to develop long-term ties that enable us to retain our share in the market and ensure the stability of our coal exports," Mechel Mining Management OOO's Chief Executive Officer Pavel Shtark commented.
Mechel is an international mining and steel company which employs over 67,000 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