MOSCOW, April 5, 2010 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, announces establishing Mecheltrans Management OOO.
Mecheltrans Management OOO started working on the 1st of April, 2010. The company was established in order to increase efficiency of management of Mechel group's logistic assets. Functions of the management company cover preparation of complex solutions for goods transportation, control over Mechel's plants shipment schedules as well as coordination, planning and analysis of the group's transportation subsidiaries' operations, development of logistic assets and capital development.
Mecheltrans Management OOO manages Mecheltrans OOO and Mecheltrans Ukraine OOO, which provide rail and car transportation of goods. Also the structure of Mecheltrans Management OOO includes Maritime Cargo Shipping OOO which provides sea transportation, Port Posiet OAO, Port Mechel-Temruyk ООО, Port Kambarka OAO and Port Mechel-Vanino ООО (project). Also Mecheltrans Management OOO manages Mecheltrans Vostok OOO which would control operations of Ulak-Elga railway.
Aleksandr Starodubov is appointed CEO of Mecheltrans Management OOO.
The establishment of Mecheltrans Management OOO was held in the framework of general program of Mechel group's management system restructuring that was set up in 2008. The program's implementation would allow better focusing of management's operation at each division of the group and thus providing maximum efficiency of all Mechel's subsidiaries operations.
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.
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.