19 Facts About Mechel

Mechel is one of Russia's mining and metals companies, comprising producers of coal, iron ore in concentrate, steel, rolled steel products.

Mechel acquired Posyet Sea Commercial Port on the Russian coast of the Sea of Japan in 2004.

Mechel won an auction in January 2005 to buy a blocking stake in Yakutugol.

Also in 2005, Mechel acquired a controlling stake in Kambarka River Port.

Mechel acquired a controlling stake in Southern Kuzbass GRES OAO and Kuzbassenergosbyt power sales company in 2007.

Related searches

Mechel acquired Oriel Resources Ltd in April 2008, which controls the Tikhvin Ferroalloy Plant, the Shevchenko Nickel Deposit and the Voskhod Chromite Deposit.

Mechel launched a new refinery, Mechel Chrome, at the Voskhod Deposit in September 2008, with annual capacity of approximately 900,000 metric tons of chromite concentrate per annum.

Mechel signed a deal to sell the Tikhvin Ferroalloy Plant and the Voskhod Refinery to Turkey's Yildirim Group in 2013.

Putin accused Mechel for exporting raw materials for steelmakers at prices about half the domestic level.

Mechel has had numerous conflicts with minority shareholders practically from the time of its incorporation; minority shareholders have accused Mechel of disregarding their rights.

The Federal Service for Financial Markets confirmed that Mechel had in fact violated minority shareholders' rights by withholding essential information from them.

Mechel started delaying wage payments and contractual payments to suppliers.

Mechel has been forced to engage in tough negotiations with both Russian and international creditor banks.

Mechel announced in late November 2013 that it had negotiated an arrangement with creditor banks to restructure debt, extend repayment terms, and be released from debt covenants for a “covenant holiday.

The situation is complicated by the fact that Mechel is in need of dramatic upgrades to its production facilities.

Mechel intends to dispose some of its non-core assets in 2014, as well as a minority stake in Elga coal mine, one of Russia's largest.

Mechel sells its output in the Russian and international markets.

Mechel's 2013 operating results reflected a substantial decline in output of the group's core products.

Mechel has sponsored through the years ice hockey clubs Izhstal based in Izhevsk and Mechel based in Chelyabinsk, which are playing in the Russian Major League.