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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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March 3, 2015
08:22 EDTMTLMechel reports receipt of NYSE notification
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March 2, 2015
10:50 EDTMTLMavenir Systems downgraded to Hold from Buy at Stifel
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February 18, 2015
09:29 EDTMTLMechel reports disposal of Mechel Bluestone
Mechel has closed a deal on the disposal of Mechel Bluestone, including its mining operations, to a company owned by the Justice family. The deal includes: an immediate cash payment of $5M royalty payments on coal mined and sold in an amount of $3.00 per ton portion of any future sale of the company and/or its assets of 12.5% of the sale price if within five years of transaction close or 10% of the sale price after year five, but before year ten. In addition, as part of the transaction, the parties agreed to terminate all claims against each other, including their unresolved dispute related to the calculation of a contingent payment obligation arising out of the 2009 transaction in which Mechel obtained the Bluestone assets from Justice.

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