Mechel And UFG Announce the Sale of Mechel’s Shareholding in Magnitogorsk Iron & Steel Works OJSC to a Consortium of Investors
Moscow, Russia - December 21, 2004 – Mechel (NYSE: MTL) and U.F.G.I.S. Trading Ltd., a company of the UFG Group (“UFG”), acting for a consortium of investors, today concluded an agreement for the sale by Mechel of its entire shareholding in Magnitogorsk Iron & Steel Works OJSC (“MMK”) to the consortium for $780 million. Mechel and UFG also signed a mutual release agreement in which all potential claims between Mechel, on one hand, and MMK and its other shareholders, on the other, are waived in return for a payment of $90 million to Mechel. In accordance with the terms of the agreement, full payment in the amount of $870 million was made and the transfer of shares completed today.
Moscow, Russia – December 21, 2004 – Mechel (NYSE: MTL) announces results of an Extraordinary General Shareholders' Meeting held on December 20, 2004.
Moscow, Russia – December 24, 2004 – Mechel (NYSE: MTL) announces results of the Extraordinary General Shareholders' Meeting.
Moscow, Russia - December 9, 2004 - Mechel Steel Group (NYSE: MTL) announces a conference call, organized by Brunswick UBS, with senior management of the company who will speak on the situation regarding the latest developments.
Moscow, Russia - December 8, 2004 - Mechel Steel Group (NYSE: MTL) issued the following statement today regarding the requests for information that it has received from the Ministry of Internal Affairs:
Mechel Steel Group (NYSE: MTL) announces that a subdivision of the Ministry of Internal Affairs collected commercial information from its subsidiary, Mechel Trading House on December 6 and 7, 2004.
Kemerovo, Russia – December 2, 2004 – Southern Kuzbass Coal Company, a subsidiary of Mechel , has won two auctions for the right to use subsoil plots for coking coal exploration and mining at the Raspadsky Open Pit Mine and Berezovsky-2 areas, with total reserves of 55.5 million tons according to Russian reserve valuation standards . In total, Mechel has increased its reserves of coking coal by over 120 million tons in the last month.
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