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Mechel Announces Changes to Mechel Mining OAO Management

February 13, 2009

MOSCOW, Feb. 13 /PRNewswire-FirstCall/ – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces changes to management of Mechel Mining OAO, its mining subsidiary.

Alexander Shmokhin has been appointed the position of Chief Executive Officer of Mechel Mining OAO holding company. At this position he succeeds Igor Khafizov, who had served as both Mechel Mining OAO Chief Executive Officer and Mechel Mining Management Company OOO Chief Executive Officer. Mr. Khafizov continues to serve as Chief Executive Officer of the Management Company of the mining holding, and will concentrate on operational management of Mechel Mining subsidiaries.

Mr. Shmokhin has extensive experience in mining industry management, profitability improvement, and crisis management. His responsibilities will also include managing Mechel Mining OAO subsidiaries’ cooperation with state authorities of the regions in which they reside.

Together, Mr. Shmokhin and Mr. Khafizov will be able to ensure high-level management of the Company’s mining assets, allowing for especially careful and integrated management of various dimensions of the mining subsidiaries as well as the whole of Mechel Mining holding’s operations in the face of the current global economic crisis.

Biography:

Mr. Alexander V. Shmokhin, age 66, was appointed Mechel OAO Executive Vice President for Kuzbass in 2004. From 2001 to 2004 he was Director of Kemerovo Office – Deputy Chief Executive Officer of Southern Kuzbass Coal Company OAO. From 1997 to 2001 he held the position of Director of Mezhdurechensk Coal Company OAO Branch. From 1991 to 1997 he was Chief Expert of the Coal Industry Department of the Committee for Interindustry Coordination and Industrial Cooperation, Head of the Directorate for Industry, Transport and Communications of the Kemerovo Region Executive Committee. Mr. Shmokhin graduated from Kemerovo Mining Institute with a major in mining engineering.

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, steel, rolled products, ferroalloys, hardware, heat and electric power. Mechel products are marketed domestically and internationally.

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.

SOURCE Mechel OAO


Source: newswire



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