Moscow, Russia — October 22, 2012 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, reports temporary halting of mining facilities of Mechel Bluestone (West Virginia, USA), which is part of the Group’s mining division.
Due to accumulated inventories of coal, Mechel decided to temporarily suspend mining at some facilities of Mechel Bluestone’s mining complexes — Keystone, Justice Energy and Dynamic Energy. The Frontier mine in Wyoming County, which is part of Dynamic Energy, as well as the K-2, Red Fox and Coal Mountain washing plants, will continue operating.
Taking into account current contracts, as well as inventories of 650,000 tonnes of raw coal and 345,000 tonnes of finished product, operations at the suspended facilities are expected to resume in two to three months. All obligations under pre-existing contracts will be met.
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.