MOSCOW, Oct. 10, 2011 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, won the 5th annual award of Minex-2011 forum in the nomination "For Successful Development of a Mining Industry Project".
The award was granted based on the results of online open voting and the opinions of independent experts involved in the award committee's work.
The Elga coal deposit is one of the world's largest coking coal deposits. Its development is a key strategic project for the Far East, unmatched in the past 35 years of the Russian mining industry. Due to the Elga deposit's development, the company will be able to increase export to Pacific Asia, thus strengthening its positions in this actively developing region.
Mechel Mining Management Company OOO's Chief Executive Officer Boris Nikishichev said regarding the award: "We are very glad that experts and the community honored our work on Elga Coal Complex with such a high evaluation. We do have something to be proud of. Not only did our company manage to begin coal mining in such a short time, but we also built over 200 kilometers of railway in very difficult geographic and climatic conditions. Elga Coal Complex's construction will give a significant boost to the Far East's development, create new jobs and lay the basis for a new industrial and social infrastructure in southern Yakutia's less populated areas."
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, ferrochrome, ferrosilicon, steel, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
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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.