MOSCOW, Sept. 14, 2017 (GLOBE NEWSWIRE) -- Mechel PAO (MOEX:MTLR) (NYSE:MTL), a leading Russian mining and metals company, reports a court decision that may have an impact on the value of Mechel PAO’s shares.
According to court information, the Fifteenth Arbitration Court of Appeal left unchanged the decision to charge Mechel PAO jointly with other respondent parties a sum of 12.7 billion rubles to recover Rostov Electrometallurgical Plant OOO’s damages.
The lawsuit was based on the claim that Mechel jointly with other respondent parties caused damages to the enterprise by their actions in 2009-2013. The company does not admit these allegations and insists that all deals made within the framework of its cooperation with Rostov Electrometallurgical Plant were transacted based on market economy conditions and so could not damage the enterprise’s operations.
Mechel PAO does not agree with the court’s decision and will appeal it in a court of cassation.
Mechel is an international mining and steel company. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.
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.