Mechel Signs Amicable Settlement With Eurasian Development Bank

Mechel OAO (NYSE: MTL) reports signing an amicable settlement as part of the lawsuit brought by Eurasian Development Bank against Yakutugol Holding Company OAO. The settlement agreement provides for a restructuring of credit lines that had been granted by Eurasian Development Bank. Mechel OAO's subsidiary Yakutugol Holding Company OAO signed an agreement with Eurasian Development Bank on revising the payment schedule for its 1.9-billion-ruble loan received earlier. According to the agreement, the loan's maturity was extended until June 22, 2018. The loan's security pledge remains unchanged. 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 See full press release