MOSCOW, May 13, 2010 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, announces resolutions adopted by the company's Board of Directors.
Mechel OAO's Board of Directors meeting was held on May 12, 2010. The following resolutions were adopted at the meeting:
1. Schedule Annual General Shareholders' Meeting of Mechel OAO on June 30, 2010. The Meeting will be held at: 1 Krasnoarmeyskaya str., Moscow, Russian Federation.
2. Approve the Annual General Shareholders' Meeting agenda as follows:
-- Approval of the company's Annual Report.
-- Approval of the company's Annual Financial Statements inclusive of the Income Statement (Profit and Loss Accounts).
-- Distribution of the Company's profit, including payment (declaration) of dividends, based on the financial year results.
-- Election of members of the company's Board of Directors.
-- Election of members of the company's Audit Commission.
-- Approval of the auditor of the company.
-- Approval of the revised Charter of the company.
-- Approval of the revised Bylaw on the General Shareholders' Meeting of the company.
-- Approval of the revised Bylaw on the Board of Directors of the company.
-- Approval of the revised Bylaw on the Members of the Board of Directors' Remuneration and Reimbursement for Expenses Associated with Performance of Their Duties as Members of the Board of Directors.
-- Approval of related-party transactions.
3. The list of the shareholders eligible to take part in the Annual General Shareholders' Meeting shall be prepared based on the data of the Shareholders' Register as of May 24, 2010.
4. Establish a Representative Office of Mechel OAO in Kemerovo to be located at: 90/4 Lenin Avenue, Kemerovo, 650036, Russian Federation. Approve the Bylaw on Mechel OAO's Representative Office in Kemerovo. Appoint Mr. Konstantin A. Panfilov as the Representative Office Manager. Make relevant amendments to Mechel OAO's Charter.
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, 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.