Mechel Announces Changes to Mechel Mining OAO Management
Alexander Shmokhin has been appointed the position of Chief Executive Officer of Mechel Mining OAO holding company. At this position he succeeds
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.
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