Mechel Reports Transition to International Financial Reporting Standards
April 29 2016 - 11:00AM
Mechel PAO (MICEX:MTLR)
(NYSE:MTL)
, one of the leading Russian mining and metals
companies, reports its transition to the
International Financial Reporting Standards (IFRS) as it prepares
to publish its consolidated financial report. Earlier Mechel used
US GAAP standards in filing its financials.
The date of transition to IFRS was January 1,
2014. On or before May 13, 2016, the company will file its
consolidated financial statements for the year ended December 31,
2015 and for the year ended December 31, 2014.
The reporting currency for the consolidated
financial statements has been changed from US dollars to Russian
rubles.
The principal adjustments the Group made in
representing the previously used US GAAP in order to comply with
IFRS will be explained in Note 9 to the consolidated financial
statements.
Mechel is an international mining and steel
company which employs 67,000 people. Its products are marketed in
Europe, Asia, North and South America, Africa. Mechel unites
producers of coal, iron ore concentrate, steel, rolled products,
ferroalloys, heat and electric power. All of its enterprises work
in a single production chain, from raw materials to high
value-added products.
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.
Mechel PAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
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