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21 Feb 12 Mechel Reports Launch of Chrome Briquette Production at Tikhvin Ferroalloy Plant


MOSCOW, Feb. 21, 2012 (GLOBE NEWSWIRE) — Mechel OAO (NYSE:MTL – News), one of the leading Russian mining and metals companies, reports the launch of a chrome briquette producing workshop at Tikhvin Ferroalloy Plant, which is part of Mechel’s ferroalloys division.

The launch of the workshop producing chrome briquettes out of concentrate of small-fraction chrome ore will increase the furnaces’ capacity from 12 to 14.4 MW, significantly broaden the plant’s ore base and fully use the dust formed during the gas purification process.

The briquette-producing workshop will have the monthly production capacity of 5,500 tonnes of chrome briquettes.

Investment in the project totaled over 350 million rubles (nearly 11.8 million US dollars*).

Mechel Ferroalloys Management OOO’s Chief Executive Officer Gennady Ovchinnikov noted: “Chrome briquette production will not only increase output of high-carbon ferrochrome to the maximum by raising the furnaces’ capacity, but will also ensure ecological safety as we utilize the chrome-containing dust from gas purification. The chrome briquette production will shortly be up to its designed capacity.”

* Based upon the Russian Central Bank exchange rate of 29.78 RUR/$ as of February 21, 2012.

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.

The Mechel OAO logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8181

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.

Article source: http://finance.yahoo.com/news/mechel-reports-launch-chrome-briquette-155819259.html

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