MOSCOW, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Mechel PAO (MOEX:MTLR) (NYSE:MTL), one of the leading Russian mining and metals companies, reports that Mechel Group’s Izhstal PAO and State Specialized Russian Export-Import Bank (joint-stock company) (Eximbank of Russia) (part of the Russian Export Center) signed a loan agreement for financing high-technology product manufacturing for export contracts.
Eximbank of Russia AO opened a credit line totaling 3.35 billion rubles for 2.5 years. Financing was made available in the framework of a state program on supporting export of high-technology products that Eximbank of Russia AO is implementing in joint effort with Russia’s Trade and Industry Ministry.
Izhstal PAO will use these funds to acquire raw materials for manufacturing products to be exported to European and Kazakh customers through Mechel Group’s own sales network.
“Izhstal has recently significantly expanded its range of high-technology products, and Eximbank of Russia AO’s financing will enable us to maintain a level of working capital necessary to increase production and export of such products. This loan is a sign of our state’s trust both in Izhstal and Mechel Group as a whole,” Mechel PAO’s Chief Executive Officer Oleg Korzhov said.
Mechel PAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
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.