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09/12/13 - €3.00
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mechel-sponsored adr (MHSA) Details

Mechel OAO, together with its subsidiaries, is engaged in mining and steel businesses in the Russian Federation, other CIS countries, Europe, Asia, the Middle East, the United States, and internationally. The company operates through four segments: Mining, Steel, Ferroalloys, and Power. The Mining segment is engaged in the production and sale of metallurgical and steam coal, coke, iron ore, and limestone, as well as chemical products, such as coal tar, naphthalene, and other compounds. The Steel segment produces and sells semi-finished steel products, carbon and special long products, and carbon and stainless flat products, as well as metal products, including forgings, stampings, and wire products. The Ferroalloys segment is involved in the production and sale of ferrosilicon. The Power segment is engaged in the generation and sale of electricity and heat energy from steam coal; and power distribution activities. The company, formerly known as Mechel Steel Group OAO, was founded in 2003 and is based in Moscow, the Russian Federation.

71,635 Employees
Last Reported Date: 05/15/14
Founded in 2003

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mechel-sponsored adr (MHSA) Key Developments

Mechel OAO Announces Reorganize of Administrative Structure

Mechel OAO reported liquidating the group's ferroalloy division due to successful asset sales as part of the company's strategy. Due to the sale of Tikhvin Ferroalloy plant and Voskhod mining plant in late 2013, the company's Board of Directors decided to reorganize the group's administrative structure by eliminating the ferroalloy division. As part of the reorganization process, Bratsk Ferroalloy plant will be managed by the steel division (Mechel-Steel Management Company OOO). Southern Urals Nickel Plant, halted since December 2012, will be managed directly by Mechel OAO. Mechel-Ferroalloys Management Company OOO, the division's management company, will be liquidated. In 2012, Mechel OAO's Board of Directors approved a development strategy that prioritizes mining and full-cycle steelmaking with a stress on manufacturing high value-added products (long rolls, specialty steels, stainless rolls and hardware). In order to cut down management personnel costs and due to a significant reduction in workload as several ferroalloy assets were sold and Southern Urals Nickel Plant OAO was halted, the company decided to liquidate Mechel-Ferroalloys Management company OOO. This decision logically follows from implementing the company labor efficiency improvement program by optimizing management structures, which company approved in 2008.

Mechel OAO Signs RUB 15.8 Billion Refinancing Agreement with VTB Bank

Mechel OAO revealed the extension of the maturity of the RUB 15.8 billion loan that was granted by VTB Bank. The company added that its Southern Kuzbass Coal Company OAO and Yakutugol Holding Company OAO subsidiaries have signed agreements with VTB Bank for the extension of the maturity of the loans and under the extension, the payment on the loans will begin in April 2015 with the final payment in 2018. Through these agreements, Mechel has completed restructuring of its loans with VTB Bank. The extended loans totaled RUB 33.8 billion, including RUB 18.6 billion for 2014, RUB 6.4 billion for 2015 and RUB 8.8 billion for 2016.

Russian Government Considers Various Options To Save Mechel

The Russian government is considering various options of saving debt laden Mechel OAO (NYSE:MTL) other than direct budgetary support, and bankruptcy is an undesired option, Industry and Trade Minister Denis Manturov told PRIME on July 11, 2014. “The company has to recover financially, but to provide it we must first understand the debt structure and make a decision after that,” Manturov said, adding that direct budget support was considered, “but when we balanced the budget, we did not see any reserves for this.” “We have to find strategic partners who will be ready to enter the company, its projects, and provide the finishing of the started project’s implementation.” The government is holding talks with foreign investors on entering Mechel, whose net debt stands at $ 8.3 billion. “Currently no one is willing to participate in the project. The main question is if anyone participates in the project he will be held accountable in the future, that is why we have no brave people today,” Manturov said. “Most likely that (the partners) will be companies from eastern Asia, maybe from China, specifically for some projects, for the Elga field in particular.” However, Mechel’s Chief Executive Officer Oleg Korzhov said Mechel does not plan to lose control over the Elga coal deposit, only sell a stake in it. “Speaking about bankruptcy – this option is of no interest and no profit for anyone, neither the state banks nor our creditors. None of our creditors has announced us in default, everyone understands the situation,” he added. Manturov also said that the government is not interested in splitting Mechel. “Today Mechel is already selling its unprofitable and non-core assets. Selling the core assets which bring profit I consider unreasonable. The entirety and the logistic structure must remain intact. It is the ministry’s position.” On July 10, 2014, Manturov said that Mechel must improve administrative control to recover financially.


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