Mechel’s Rolling Mill at Chelyabinsk Wins Best Import Substitution Project Award From Russian Industrialist and Entrepreneu...
March 16 2017 - 9:00AM
Mechel PAO (MICEX:MTLR) (NYSE:MTL)
, one of
the leading Russian mining and metals companies, reports that
Chelyabinsk Metallurgical Plant’s universal rolling mill won the
Best Import Substitution Project nomination at the Russian Union of
Industrialists and Entrepreneurs (RSPP)’ contest.
The winners of the Russian Business Leaders:
Dynamics and Responsibility 2016 contest were awarded as part of
RSPP’s Russian Business Week.
Mechel presented at the contest its Chelyabinsk
Metallurgical Plant’s universal rolling mill, a unique project for
Russian steelmaking. It is the first such industrial complex to be
built in Russia. Investment in the project, including its
steelmaking and rolling facilities, totaled over 900 million US
dollars.
The mill’s products are primarily aimed at the
domestic market and implementation of the federal import
substitution program. The universal rolling mill produces rails up
to 100 meters in length and structural shapes. The mill’s annual
capacity is 1.1 million tonnes of steel products. The mill uses
international state-of-the-art technologies for rolling, tempering,
correction, processing and quality control. The rails are tempered
in organic polymer, which is a unique technology for Russia and
lends the products high durability, wear resistance and endurance
limit.
The universal rolling mill’s capacity enables it
to fully meet Russian Railways’ needs for rails that are up to the
highest international standards and rules out the need to acquire
foreign-produced analogues. The mill also supplies Russian
machine-building and construction industries with high-quality
beams for competitive prices. In 2016 Mechel sold 304,000 tonnes of
rails, including 270,000 tonnes shipped to Russian Railways, and
Mechel plans to increase supplies to Russian Railways by 20-25%
this year.
“We are glad that our work won high expert
approval from the professional community. This award is really hard
earned. The work of Chelyabinsk Metallurgical Plant’s universal
rolling mill is important not only to Mechel, but to Russian
economy as a whole. The mill’s products reduce Russian Railways’
and the construction industry’s dependence on volatile currency
rates as they implement major investment programs,” Mechel PAO’s
Chief Executive Officer Oleg Korzhov noted.
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.
Mechel PAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
Mechel PAO (NYSE:MTL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mechel PAO (NYSE:MTL)
Historical Stock Chart
From Sep 2023 to Sep 2024