MOSCOW, July 29, 2014 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, reports that the leading inspection, verification, testing and certification company SGS confirmed the high quality of the Elga deposit's coking coal.
Independent lab testing showed that samples of coking coal from the Elga deposit are up to Russian and international standard. According to the test results, this coking coal is characterized by low content of phosphorus and sulfur and high vitrinite content. The test samples also have the requisite fluidity of the coal's plastic layer.
A sample of coking coal was also successfully tested by a major Japanese steelmaking holding. Its experts concluded that the Elga deposit's coking coal can be efficiently used in making coke.
"The Elga deposit is a unique source of coal for Asia Pacific due to its immense reserves, high quality of its products and last but not least, geographic proximity. This certificate shows that the Elga coking coal's competitive qualities are beyond doubt," Mechel OAO's Chief Executive Officer Oleg Korzhov said.
Mechel is an international mining and steel company which employs over 70,000 people. 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.