Moscow, Russia – January 18, 2013 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, reports selling a part of its earlier acquired controlling stake in Vanino Sea Trade Port OAO to investors.
In line with the conditions for the financing of the acquisition of 55% (73,33% of common shares) of Vanino Sea Trade Port OAO’s share capital, Mecheltrans OOO sold a part of the port’s common shares to Russian and foreign investors, retaining some 1.5% of the enterprise’s common shares. Investors are not interested in transhipping their products through Port Vanino, which will enable Mechel to use the port’s entire capacity in the company’s interests.
Port Vanino has already begun shipping Mechel’s cargo. The first vessel carrying 30,000 tonnes of Yakutugol Holding Company OAO’s coal products has left port. Today another vessel, which will carry 40,000 tonnes of Yakutian coals, is being loaded at the port.
Access to Port Vanino’s transhipment capacities significantly enhances Mechel’s export potential in Asia and the Pacific and ensures guaranteed sales volumes for the Group’s coal products from Southern Kuzbass Coal Company OAO and Yakutugol Holding Company OAO, taking into account the Elga deposit development.
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.