MOSCOW, Nov. 20, 2012 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, announces the signing of five-year contracts for supplies of extra-size Bridgestone tires with Japan's Marubeni Corporation during the 10th session of the Russia-Japan Inter-Government Commission on Trade and Economic Issues in Tokyo, Japan.
On the sidelines of the official visit of Russian Federation's First Deputy Prime Minister Igor Shuvalov to Japan, Mechel Group's enterprises — Yakutugol Holding Company OAO, Southern Kuzbass Coal Company OAO and Korshunov Mining Plant OAO — signed five-year contracts with Marubeni Corporation for the supply of Bridgestone-produced off-road tires for heavy duty dump trucks. The documents were signed in the presence of Mr. Shuvalov and Japanese Foreign Minister Koichiro Gemba. Mechel OAO's Vice-President for Commercial Activities Mikhail Urvantsev and Chief Operations Officer of Marubeni Corporation's Lifestyle Division Katsuhisa Yabe signed the contracts.
Mechel is the first Russian mining and steel company that Marubeni Corporation granted five-year contracts for supplies of extra large-size tires. According to the contracts, over 5,000 off-road tires for heavy duty dump trucks will be supplied to Mechel Group's enterprises.
Marubeni Corporation is one of Japan's largest companies, which is also an authorized export dealer of Bridgestone Corporation's products.
"These long-term contracts will help our enterprises' stable operations and improve the efficiency of production in Mechel's mining division, including implementation of our key project, development of Elga Coal Complex. Signing these contracts on the sidelines of a session of the Russia-Japan Inter-Government Commission on Trade and Economic Issues is a major step for the company in further developing bilateral ties with leading Japanese industrial producers, which is aimed at consolidating Mechel's leading positions on the world market of metallurgical coals," Mechel OAO's Chief Executive Officer Evgeny Mikhel noted.
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.
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Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.
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