 Mеchel Announces 2010 operational Results | |
Moscow, Russia — January 20, 2011 — Mechel OAO (NYSE: MTL), one of the leading Russian mining and steel companies, announces 2010 operational results.
* Including anthracite and PCI. Yevgeny Mikhel, Mechel’s CEO, commented on the company’s 2010 operational results: “The Group’s 2010 operational results demonstrate that we not only managed to return to pre-crisis levels, but to exceed them. “In the mining division, the overall coking coal production exceeded last year’s figures by 52%. Output of other types of metallurgical coal has grown by 176%. These results enabled us to benefit from the positive trends on the global coal markets and give us a good starting point for the year 2011, when we expect to add volumes from our existing operations as well as from Elga, where we have already stripped the coal seams and prepared coal for extraction. “The steel division worked at full load, consistently increasing the volumes of production for high value-added products. As a result, hardware production reached record levels. “In 2010, we added Romania-based steel plant Laminorul Braila to our steel segment. We also continue to strengthen our position by upgrading our existing assets. This year has seen the completion of the first stage of Izhstal’s modernization, the launch of a new high quality and stainless steel production complex at Chelyabinsk Metallurgical Plant, new processing lines at Beloretsk Metallurgical Plant and other equipment at the Group’s subsidiaries. Steel production increased by 11% compared to last year’s figures, hardware output went up by 35% and rolled products output has grown by 16%. “The ferroalloys production volumes also exceeded last year’s results in nickel and ferrosilicon production. The extraction technology used at the Voskhod mine allowed us to restore the front of working face and reach the levels of chrome ore production exceeding 2009’s levels by 21%. “In the power division, the 2010 operational results offer good perspectives for the segment’s development. We see a confident growth in power and heat generation and are looking with optimism to the liberalization of Russia’s electricity market. In line with the power segment development strategy, Mechel increased its stake in the charter capital of Bulgaria’s Toplofikatsia Rousse power station up to 100%. This opens new opportunities for selling electricity in the European market.” 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, steel, ferrochrome, ferrosilicon, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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