MOSCOW, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, reports that Mecheltrans OOO acquired a package of Port Vanino's shares.
Mecheltrans OOO acquired 21.64% of Vanino Sea Trade Port OAO's common shares from one of the port's minor shareholders – a subsidiary of the company En+. The transaction amounted to 4.57 billion rubles.
In line with the transaction's conditions, the port's shares became Mecheltrans's property once the agreement was signed, while payment for the share package is due to be made within 145 days. The transaction will be funded by the investors who financed the acquisition of Port Vanino's controlling stake, and will thus have no bearing on Mechel Group's leverage.
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.
CONTACT: Mechel OAO Pavel Taran Tel: +7 495 221-88-88 email@example.com