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Mechel OAO Transfers Shares of Romanian Ductil Steel SA, Mechel Campia Turzii SA, Mechel Targoviste SA, Mechel East Europe Metallurgical Division and Laminorul SA to Invest Nikarom SRL-GlobeNewswire


Tuesday, 19 Feb 2013 06:25am EST 

GlobeNewswire reported that Mechel OAO has disposed of its Romanian steel assets. Mechel OAO has transferred the shares of all its Romanian assets to the buyer, Romania's Invest Nikarom SRL. The sum of the transaction is for a nominal amount of RON 230 (some USD 70). Invest Nikarom SRL has acquired Mechel OAO's five assets, Ductil Steel SA, Mechel Campia Turzii SA, Mechel Targoviste SA, Mechel East Europe Metallurgical Division SRL, Laminorul SA. In November 2012, due to unfavorable prices in European steel markets linked to rising ferrous scrap prices and weak demand for finished products, production at Mechel OAO's Romanian steel making facilities was temporarily halted. While production at these steel making facilities was temporarily suspended, all necessary measures were undertaken to retain the affected facilities' operational capability and to conduct maintenance works in winter. The disposal of Romanian assets is fully aligned with Mechel OAO's revised strategy aimed at development of its core businesses, particularly consolidating its position as a metallurgical coal producer. 

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