OREANDA-NEWS. April 22, 2010. Mechel OAO (NYSE: MTL), a leading Russian integrated mining and steel group, announced financial results for the full year ended December 31, 2009, reported the press-centre of Mechel.

Mechel’s Senior Vice-president Vladimir Polin commented on the full year results: “All together we managed to work through 2009 in a worthy manner. First half, which was the worst time of the world’s economic crisis, was a serious challenge to Mechel, but also proved that we are capable of flexible reaction to complex obstacles. As a result we managed not only to keep stable cash flows, but also finalize restructuring of the biggest debt portion with the international bank syndicate, already in the first half to restore steel segment production and largely in the mining segment. The full restoration of the coking coal production thus becomes possible already in the spring of 2010.

In 2009 we created a fundament for further company’s growth, mastered new product lines. For example, we closed the deal to acquire assets of the US based coal mining group Bluestone, opened new steel service and retail centers of Mechel-Service in Russia and Europe, started new production lines and steel processing shops. We have signed a number of strategic agreements allowing us to expand our sales markets and improve competitiveness.

Besides, the positive dynamics of the word’s markets and improvement of Mechel’s performance allowed us to return to our investment plans, partially frozen before. We have again revised our capex program for nearest years. We are sure, that its implementation will give our company further impetus and open new opportunities for all segments of our business”.

Full report see here:
http://www.mechel.com/news/article.wbp?article-id=2EAF2B22-7AD4-4A16-9157-1E1AAA9D10CD