Mechel, Vnesheconombank Sign Agreement for First Tranche of Financing for Elga Coal Complex

Mechel OAO MTL announces that an agreement between Vnesheconombank and Mechel on allocating the first tranche of the project financing for Elga Coal Complex's first stage totalling 2.5 billion US dollars, was signed in the presence of the Russian Federation's Prime Minister Dmitry Medvedev. The agreement for the 150-million-dollar tranche was signed by Vnesheconombank's Chairman Vladimir Dmitriyev and Chairman of Mechel OAO's Board of Directors Igor Zyuzin on the sidelines of the session of the government committee on the Far East's social and economic development, in the presence of Russian Prime Minister Dmitry Medvedev. "Currently development of the rich Elga deposit is a priority for Mechel. We are grateful to our country's leaders for their attention and support for such an important project. Vnesheconombank's financing will give a powerful stimulus not only to our efforts on completing construction of Elga Coal Complex's first stage, but also to the social and economic development of the Republic of Sakha (Yakutia) and the Far East as a whole. The project's implementation will create over 5,000 jobs. I am sure that thanks to the state's support, we will See full press release