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Neryungri, Republic of Sakha (Yakutia), Russia – May 12, 2008 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces that its Yakutugol OAO coal mining subsidiary has acquired new equipment for its Neryungri Coal Processing Plant in line with its capital expenditure program.
The acquisition of the U.S.-manufactured Artrita coal mill will be used for crushing and coal dust preparation in the processing plant’s drying units. The Artrita coal mill will replace the plant’s depreciated equipment and is the third coal mill purchased by Yakutugol OAO. Two new Artrita coal mills were previously installed replacing the obsolete mills in 2007.
The equipment has high performance characteristics and reliability that meet the processing plant specialists' requirements. The new mill will be installed by Yakutugol OAO’s Mechanical and Repair Plant specialists. The equipment is planned for commissioning in mid-June 2008. The project will cost approximately RUR27.00 million (approximately US$1.2 million).
“This investment supports the objectives being pursued by our coal subsidiary in increasing its coal output. We need to ensure the processing plant’s reliable operation, which depends on the installed equipment’s serviceability and productivity. Replacing and modernizing obsolete machinery will enable the subsidiary to achieve steady and efficient operation and avoid technical outages,” Mechel Management OOO Chief Executive Officer Vladimir Polin commented.
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