Key Developments: Mechel OAO (MTL.N)

MTL.N on New York Stock Exchange

11 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Mechel OAO shares plunge following VEB decision not to participate in bailout-Interfax
Thursday, 10 Jul 2014 09:54am EDT 

Mechel OAO:Mechel shares plunged 14.7 percent to 42.7 Russian rubles after Vnesheconombank (VEB) announced it would not participate in a bailout of the heavily indebted steel and coal group-Interfax.  Full Article

Mechel OAO recommends FY 2013 dividend payment
Thursday, 22 May 2014 08:00pm EDT 

Mechel OAO:Says that its Board of Directors held a meeting confirming recommendations to the annual general shareholders’ meeting regarding the payment of dividend based upon the results of the 2013 fiscal year.The Board recommended not to pay an annual dividend with respect to ordinary shares.The Board recommended an annual dividend of 0.05 Russian rubles per one preferred share (about $0.0015 per one preferred share and $0.0007 per one preferred ADR).The Board recommended to divide part of unallocated profit from the previous years as follows: to allocate 6,937,845.75 rubles (about $202,387.57) for payment of dividends for listed preferred shares; to leave 90,416,010,077.27 rubles (about $2,637,573,222.79) unallocated.The Board also recommended that the list of persons entitled to receive dividends for the 2013 fiscal year is made based on the data in the shareholders’ register as of July 11.The annual general shareholders’ meeting will be held on June 30.  Full Article

Mechel OAO announces change in management
Monday, 19 May 2014 09:40am EDT 

Mechel OAO:Announces appointment of Andrey Slivchenko as the new Chief Financial Officer of Mechel OAO, replacing Stanislav Ploschenko.  Full Article

Mechel OAO Signs Agreement with TransContainer
Wednesday, 23 Apr 2014 04:29am EDT 

Mechel OAO:Signs agreement on creating pool system for transporting cargo with the Russia's leading intermodal container operator, JSC TransContainer.According to the document, TransContainer will handle multimodal transportation of Mechel's cargo of various types in containers.  Full Article

Mechel OAO prolongs contract on coal supplies to Baosteel Resources
Thursday, 10 Apr 2014 06:05am EDT 

Mechel OAO:Announces that its contract with China's steelmaking Baosteel Resources corporation, which provides for an increase of coal supplies to 1.2 million tonnes of coking coal a year, has been prolonged.According to the memorandum signed at Baosteel Resources' Shanghai headquarters, Mechel Carbon Singapore will supply Baosteel Resources with up to 1.2 million tonnes of coking coal.The agreement will be valid from April through March 2015, with a possibility of further prolongation.Prices will be determined on a monthly basis.Mechel Carbon Singapore has fully met its obligations according to the earlier contract, having shipped a total of 960,000 tonnes of coking coal to Baosteel enterprises in China's eastern and southern provinces.As part of last year's agreement, Mechel Carbon Singapore also made test shipments of PCI coals, as well as steam coal from the Elga deposit.Thanks to the new agreement, Baosteel Resources will account for up to 10 percent of Mechel's coal exports to Asia Pacific.  Full Article

Moody's downgrades Mechel OAO rating
Monday, 31 Mar 2014 08:46am EDT 

Mechel OAO:Moody's Investors Service (Moody's) has downgraded Mechel OAO's corporate family rating (CFR) and probability of default rating (PDR) to Caa1 and Caa1-PD, respectively.The outlook remains negative.The rating action is driven by the current weak coal market environment, which has bleak prospects for meaningful recovery in 2014, as well as the company's currently weak liquidity, despite some positive developments with respect to refinancing short-term debt over the previous quarter.The negative outlook on the rating reflects Moody's view that Mechel's weak financial metrics will remain so over the next 12-18 months unless coking coal prices improve and/or the group's efforts to dispose of its non-core assets succeed.  Full Article

Mechel OAO signs agreements for second and third credit lines to finance Elga Coal Complex development
Thursday, 13 Mar 2014 08:00pm EDT 

Mechel OAO:Announces that project company Elgaugol OOO, which is part of Mechel Group, and Vnesheconombank signed agreements for the second and third credit lines of project financing for developing Elga Coal Complex’s first phase, for $2.085 billion and $418.7 million respectively.Second credit line, of $2.085 billion, will be used to finance construction of Elga Coal Complex’s facilities until its coal mining and processing capacity reaches 11.7 million tonnes of run-of-mine coal a year, as well as completion of works aimed at increasing the Ulak-Elga railway’s capacity.Third credit line of $418.7 million will be used to fund expenses on paying Vnesheconombank’s interest and fees for the second credit line until Elga Coal Complex’s first-phase facilities are launched, as well as to repay $150-million bridge loan, granted Elgaugol OOO in Oct. 2013.49 percent of Elgaugol OOO’s shares, as well as the project company’s movable and real property will be offered as security on these credit lines.Vnesheconombank will also acquire 0.01 percent of Elgaugol OOO’s equity capital with following repurchase.Vnesheconombank’s (VEB) Supervisory Board approved the agreement granting Mechel OAO project financing totaling $2.5 billion in Sep. 2013.The loan has a tenor of 13.5 years.  Full Article

Mechel OAO stock plummets 40 pct on Moscow Exchange-Interfax
Thursday, 27 Feb 2014 11:56pm EST 

Mechel OAO:Mechel ordinary stock took a nosedive on the Moscow Exchange, first by 30 percent, then 40 percent to 31.7 Russian rubles, an all-time low for these securities-Interfax.The exchange has halted trading in the shares until 12.06 p.m. Moscow time.Interfax Center for Economic Analysis experts, this plunge was associated with the general negative trend on the Russian stock market amid the continuing removal of funds from emerging markets and a worsening situation in Ukraine.It cannot be ruled out the such a price drop was also prompted by market calls among some investors.  Full Article

Mechel OAO announces Oleg Korzhov's appointment as company's chief executive officer
Tuesday, 31 Dec 2013 08:00am EST 

Mechel OAO:Says the appointment of the company's senior vice-president for economics and management Oleg Korzhov as Mechel OAO's Chief Executive Officer.Says this decision was approved by the company's Board of Directors and is valid starting on Jan. 1, 2014.Says Evgeny Mikhel, who occupied this post since 2010, left the company by his own wish.  Full Article

Mechel OAO announces closing deal on disposal of several ferroalloy assets
Thursday, 26 Dec 2013 07:00pm EST 

Mechel OAO:Announces closing the deal for disposal of 100 percent shares in Voskhod Mining Plant (Khromtau, Kazakhstan) and Tikhvin Ferroalloy Plant (Tikhvin, Leningrad Region, Russia) to Turkey’s YILDIRIM Group for a total of $425 million.Says in accordance with the deal’s conditions, the YILDIRIM Group paid the entire sum to Mechel OAO.Says Societe Generale Corporate and Investment Bank, ING Bank and Dechert LLP were advising Mechel on this transaction.Says this agreement was signed in line with the strategy on restructuring the group’s non-core assets.Says the funds the company got from this deal will be used for deleveraging.  Full Article

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