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Stock Market & Financial Investment News

News Breaks
July 17, 2014
09:04 EDTMTLMechel reports reorganization to eliminate ferroalloy division
Mechel reports liquidating the Group's ferroalloy division due to successful asset sales. Due to the sale of Tikhvin Ferroalloy Plant and Voskhod Mining Plant in late 2013, the company's board of directors decided to reorganize the Group's administrative structure by eliminating the ferroalloy division. As part of the reorganization process, Bratsk Ferroalloy Plant will be managed by the steel division and Southern Urals Nickel Plant, halted since December 2012, will be managed directly by Mechel OAO. Mechel-Ferroalloys Management Company OOO, the division's management company, will be liquidated. "In order to cut down management personnel costs and due to a significant reduction in workload as several ferroalloy assets were sold and Southern Urals Nickel Plant OAO was halted, we decided to liquidate Mechel-Ferroalloys Management Company OOO. This decision logically follows from implementing our labor efficiency improvement program by optimizing management structures, which we approved in 2008. Thanks to our efforts in this field, we managed to reduce our administrative staff by over 3,000. The new administrative model will enable us to significantly cut personnel costs and ensure a more efficient mechanism for decision making," said Mechel OAO's CEO Oleg Korzhov.
News For MTL From The Last 14 Days
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April 28, 2015
05:43 EDTMTLMechel reports Q4 run-of-mine coal production down 3% to 5.62M tonnes
Reports Q4 pig iron production up 3% to 1.04M tonnes. Reports Q4 steel production up 3% to 1.09M tonnes.
April 21, 2015
08:13 EDTMTLMechel announces four-year contract with Sinara Transport Machines
Mechel reports signing a four-year contract on locomotive maintenance works between Mecheltrans-East OOO and Sinara Transport Machines OAO, or STM. According to the agreement, STM's subsidiary STM-Service will fully service and repair TE8 locomotives manufactured at STM's Lyudinovsky Locomotive Plant to Mecheltrans's order. Currently Mecheltrans-East's locomotive park includes 15 TE8 locomotives and 3 TEM18DM shunting diesel locomotives. The machines were produced to specifications requisite for exploitation in difficult climatic conditions and mountainous areas. All service and repair works will be made in the repair depot at Verkhny Ulak station located on the Mechel-constructed Ulak-Elga railway which links the Elga coal deposit with the Baikal-Amur Mainline. Also, starting in the second half of 2015, STM-Service will ensure the readiness of Mecheltrans-East's locomotives for use on general-type railways. According to the contract, servicing will cost 120M rubles annually.

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