Mechel's Hardware Production Upgrade Project Wins State Support
5:30 am ET April 18, 2019 (Globe Newswire)
Mechel PAO (MOEX: MTLR; NYSE: MTL), a leading Russian mining and metals company, reports that the Supervisory Board of Russia's Industry and Trade Ministry's Industrial Development Fund approved a low-interest loan to Mechel Group's Beloretsk Metallurgical Plant for upgrading its wire and rope production facilities.
The project's cost will total 1.5 billion rubles, with the Industrial Development Fund footing the bill for 50% of this sum, or 750 million rubles. The loan's maturity is five years. The project includes a large-scale technical upgrade of Beloretsk Metallurgical Plant's wire and rope production facilities and installation of new level-type wire drawing equipment. The upgrade will enable the plant to produce the types of wire Russia is currently importing, with high quality characteristics including plastic properties, surface finish and full-length mechanical uniformity. Springs, ropes and other products made from such wires will have a longer life expectancy.
The project also includes implementing best available technologies which will yield additional effect of minimizing the facilities' impact on the environment as the new equipment will be compliant with the most stringent ecological standards. The mills will be equipped with the mechanical descaling line which will enable the plant to stop using chemicals for rod descaling.
Beloretsk Metallurgical Plant's new products will be widely in demand in aviation, shipbuilding, automobile, construction, oil and gas, electronic, furniture and chemical industries.
"Upgrading our wire and rope production facilities will help us dramatically improve our output's quality and efficiency, make our production safer and more environmentally friendly. We plan to complete this upgrade in 2023. We are grateful to the Industrial Development Fund for their loan support of our project. I am sure that our new output with its improved quality will be in demand not only domestically, but internationally as well," Mechel PAO's Chief Executive Officer Oleg Korzhov commented.
Mechel PAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
Recent MTL News
- Mullen Group Ltd. Announces Election of Directors and Appointment of Senior Officers • PR Newswire (US) • 05/08/2024 09:16:00 PM
- Mullen Group Ltd. Announces Election of Directors and Appointment of Senior Officers • PR Newswire (Canada) • 05/08/2024 09:16:00 PM
- Mullen Group Ltd.Closes Acquisition of ContainerWorld Forwarding Services Inc. • PR Newswire (US) • 05/03/2024 06:07:00 PM
- Mullen Group Ltd.Closes Acquisition of ContainerWorld Forwarding Services Inc. • PR Newswire (Canada) • 05/03/2024 06:07:00 PM
- Mullen Group Ltd. Reports 2024 First Quarter Financial Results • PR Newswire (US) • 04/25/2024 10:00:00 AM
- Mullen Group Ltd. Reports 2024 First Quarter Financial Results • PR Newswire (Canada) • 04/25/2024 10:00:00 AM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (US) • 04/23/2024 04:15:00 PM
- Mullen Group Ltd. 2024 First Quarter Earnings Conference Call and Webcast • PR Newswire (US) • 04/08/2024 09:02:00 PM
- Mullen Group Ltd. 2024 First Quarter Earnings Conference Call and Webcast • PR Newswire (Canada) • 04/08/2024 09:02:00 PM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (Canada) • 03/21/2024 04:25:00 PM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (US) • 03/21/2024 04:25:00 PM
- Mullen Group Ltd. Announces Renewal of Normal Course Issuer Bid • PR Newswire (US) • 03/07/2024 11:00:00 AM
- Mullen Group Ltd. Announces Renewal of Normal Course Issuer Bid • PR Newswire (Canada) • 03/07/2024 11:00:00 AM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (US) • 02/21/2024 05:23:00 PM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (Canada) • 02/21/2024 05:23:00 PM
- Mullen Group Ltd. Announces 2023 Fourth Quarter Financial Results and Filing of Disclosure Documents • PR Newswire (US) • 02/15/2024 11:00:00 AM
- Mullen Group Ltd. Announces 2023 Fourth Quarter Financial Results and Filing of Disclosure Documents • PR Newswire (Canada) • 02/15/2024 11:00:00 AM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (Canada) • 01/24/2024 11:37:00 PM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (US) • 01/24/2024 11:37:00 PM
- Mullen Group Ltd. To Acquire ContainerWorld Forwarding Services Inc. • PR Newswire (Canada) • 01/17/2024 11:00:00 AM
- Mullen Group Ltd. To Acquire ContainerWorld Forwarding Services Inc. • PR Newswire (US) • 01/17/2024 11:00:00 AM
- Mullen Group Ltd. 2023 Year-End and Fourth Quarter Earnings Conference Call and Webcast • PR Newswire (Canada) • 01/15/2024 10:49:00 PM
- Mullen Group Ltd. 2023 Year-End and Fourth Quarter Earnings Conference Call and Webcast • PR Newswire (US) • 01/15/2024 10:49:00 PM
- Mullen Group Ltd. Increases Bank Credit Facilities to $375.0 Million • PR Newswire (US) • 01/08/2024 11:00:00 AM
- Mullen Group Ltd. Increases Bank Credit Facilities to $375.0 Million • PR Newswire (Canada) • 01/08/2024 11:00:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM