Mechel announces Q1 2011 operational results | |
* Including anthracite and PCI. Mechel OAO’s General Director Yevgeny Mikhel commented on the first quarter 2011 operational results: “Over this year’s first three months all of Mechel’s business segments demonstrated confident levels of production growth we achieved in 2010. “In the mining segment, the coking coal concentrate’s production volumes went up by 31% compared to the same period last year. We managed to achieve these results despite the temporary halting of the coking coal washing shop of Yakutugol’s Nerungrinsk washing plant due to the collapse of three thickeners. The work of two out of three washing lines was promptly restored. Southern Kuzbass OAO fully mastered the technology of preparing high-quality mixes of PCI coals which enabled the plant to increase their production by 87%. “The steel segment also showed confident growth compared to the same period last year. Hardware production went up by 36%. Due to the launch of new facilities, production of steel, steel alloy electrode and high-strength wires, as well as regular wire, was increased in particular. Output of forgings and stampings exceeded last year’s figures by 24% and 38% respectively, due to high demand both on domestic and international markets. The launch of a new electric steelmaking complex at Izhstal OAO and a new high-quality and stainless steel production complex at Chelyabinsk Metallurgical Plant OAO in 2010 enabled Mechel to boost steelmaking and billet-making capacities. Due to modernization, output of flat products went up by 29% compared to the same period last year, while production of long products and billets went up by 9%. “The ferroalloys segment demonstrated good results by stabilizing its work in wintertime and ensuring sufficient supply of raw materials for Mechel facilities. Bratsk Ferroalloy Plant reported successful intermediate results of melting of the industrial probe of quartzites. The results showed that the Uvatsk deposit’s reserves are suitable for production of ferrosilicon with 65% silicon content, which is most in demand. A short-term lapse in production volumes for chrome ore concentrate produced at the Voskhod plant in Kazakhstan was due to the plant’s mastering the technology of manufacturing high-quality concentrate with a higher chrome content, which required processing more ore. Also, the temporary decrease was due to mining through an ore body with lower level of chrome in the ore. “Our power division operations, including the results from our Bulgarian asset Toplofikatsia Rousse in which we consolidated 100% stake in November 2010, increased heat and electric power generation by 5% and 13.4% respectively, compared to the same period last year. “The respective results achieved by every Mechel business segment in the first quarter of 2011 enable us to look into the future with optimism. We intend to continue our efforts to further improve the group’s production results, as required by the market demand for our prime products.” 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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