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Mechel

October 29, 2013

Mechel reports selling stake in Vanino Sea Trade Port OAO

Moscow, Russia Ė October 29, 2013 Ė Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, reports the sale of a 28-percent share in Vanino Sea Trade Port OAOís equity capital.

Mechel Group, as represented by Mecheltrans OOO, sold some 28% of the portís equity capital to an outside investor, retaining a minor share package for itself. The transaction amounted to 5.04 billion rubles (approximately 158.43 million US dollars*).

Earlier the company closed the deal on acquiring this package from the company En+, which deal was announced on January 31, 2013. The deal with En+ was fully funded by the aforementioned investor and thus had no bearing on Mechel Groupís leverage.

The consortium of investors is not interested in transhipping their products through Port Vanino, which will enable Mechel to use the portís entire capacity in the companyís interests.

Access to Port Vaninoís transhipment capacities significantly enhances Mechelís export potential in Asia and the Pacific and ensures guaranteed sales volumes for the Groupís coal products, taking into account the Elga deposit development.

*Based upon the Russian Central Bank exchange rate of 31,8119 RUB/USD as of October 29, 2013.

***

Mechel OAO
Ekaterina Videman
Phone: +7 495 221-88-88
ekaterina.videman@mechel.com

 

 

 

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