CHELYABINSK,
The visit by Governor Sumin to the CMP was his first trip in a program to assess anti-recessionary measures taken by the cities and industrial enterprises in the region. During the visit the anti-recessionary program being implemented at CMP was discussed.
CMP's construction sites and investment facilities were toured during the visit, including the continuous casting machine (concaster) No. 5 at the facility's Oxygen-Converter Shop, which is phase one of the rail and structural steel mill construction project, and reconstruction sites at Arc-Furnace Melting Shop (AFMS) No. 6. In line with phase two of CMP's long-term production development program, upgrading the slab concaster and constructing the ladle-furnace and vacuum vessel is being implemented at the AFMS. The facilities that are being upgraded and constructed will ensure the shop's high productivity and economic efficiency of the production process in the future and improve its product quality.
The Governor did not only visit Concaster No. 5 and AFMS construction projects, but also held the working meeting on matters related to of the plant's anti-recessionary measures which was participated by the Chelyabinsk Region Deputy Governor,
CMP's Managing Director,
The plant's management confirmed the importance of continuing such high priority projects for the entire group as the universal rail and structural steel mill will produce rails up to 100 meters in length and high speed main lines all over
Governor Sumin confirmed the significance of implementing this project not only for the Region's economy but also for the whole country, as he stated, "This is a unique mill. Everyone needs it, including
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, steel, rolled products, ferroalloys, 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.
SOURCE Mechel OAO