MOSCOW, Oct. 12, 2012 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, reports signing an agreement with the Russian Federation's Economic Development Ministry for cooperation aimed at support and development of the Group's external economic operations.
Within this agreement's framework, the Economic Development Ministry will lend its support to Mechel OAO in preparing and holding events promoting the company's interests in the areas of coal industry, ferrous metallurgy and energy. It will also offer the company's representatives the chance to participate in events organized by the ministry and in the work of inter-governmental commissions on trade, economic, scientific and technical ties between the Russian Federation and foreign states. In addition, the Economic Development Ministry will aid the company in including its issues on the agendas of meetings between the minister and his deputies and their foreign counterparts.
The agreement was signed by the Russian Federation's Economic Development Minister Andrei Belousov and Mechel OAO's Chief Executive Officer Yevgeny Mikhel. The agreement is valid for three years and will be extended automatically.
"This cooperation agreement with Russia's Economic Development Ministry is an example of our state's timely and thoughtful approach in helping Russian companies that have external economic operations in implementing their projects. With such an approach, all the steps undertaken both by the company and the ministry and trade representatives are aimed at reaching practical results that will benefit Russian business and the state as a whole," Mechel OAO's Chief Executive Officer Yevgeny Mikhel noted.
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.