Mechel Launches New Mining Equipment at Neryungrinsky Open Pit
March 21 2017 - 9:00AM
Mechel PAO (MICEX:MTLR) (NYSE:MTL)
, one of
the leading Russian mining and metals companies, reports the launch
of new mining equipment at Yakutugol Holding Company AO’s
Neryungrinsky Open Pit. Investment into acquisition of two open-pit
excavators totaled 1.2 billion rubles.
The company began exploiting a heavy-duty EKG-18
open-pit excavator with a 18-cubic-meter bucket capacity, with
another one due to be launched into service in late April. Machines
produced by Urals Machine-Building Plant will be used for
overburden mining at the open pit on the round-the-clock basis.
Excavators of this type are designed for work in difficult mining,
geological and climatic conditions and have proved to be very
effective in mining heavy-textured rocky soil.
For better control over all work-related
parameters, the excavators are equipped with information management
and microprocessor-based control systems, as well as fault
detection systems and automatic protection of mechanisms and
joints.
Neryungrinsky Open Pit’s technical upgrade
program provides for buying two more excavators with a
10-cubic-meter bucket capacity this year.
“Our cooperation with Urals Machine-Building
Plant serves as confirmation of the efficiency of Russia’s import
substitution program. The experience we have had with EKG
excavators at our coal open pits in Yakutia and Kuzbass proves that
the new machines are reliable, highly productive and comfortable
for their crew. Also, by buying Russian-produced equipment, we save
not only on cost, but also on the delivery time for the equipment
and its spare parts,” Mechel PAO’s Chief Executive Officer Oleg
Korzhov noted.
Mechel is an international mining and steel
company. 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
Mechel PAO (NYSE:MTL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mechel PAO (NYSE:MTL)
Historical Stock Chart
From Sep 2023 to Sep 2024