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MOSCOW, RUSSIA/ACCESSWIRE/February 10, 2022/ Mechel PAO (MOEX: MTLR)(NYSE: MTL), a leading Russian mining and metallurgical company, announces the early repayment of its obligations to VTB Bank regarding its dollar-denominated loan.
Southern Kuzbass Coal Company, part of the mining segment of the Mechel Group, acted as debtor on this loan. As part of the restructuring carried out in 2020, the outstanding amount of this loan of $341 million was to be repaid by the end of April 2022. In early February, the Southern Kuzbass Coal Company repaid in full the outstanding amount of this loan to the ‘advance. of schedule. As a result, part of the collateral pledged with VTB Bank will be released.
“The management of Mechel has repeatedly noted that the repayment of our loan obligations is a top priority for us. On behalf of our company, I would like to express our deepest gratitude to our partners at VTB Bank for these successful joint efforts. Reimbursing this debt is yet another important step in improving the group’s financial balance.I’m sure it will help us ensure stable operations at the Mechel facilities and support social stability in the regions where we are present”, commented the general director of Mechel PAO, Oleg Korzhov.
“Mechel Group is servicing its debt to VTB Bank promptly and in full. Due to rising steel prices, as well as rising coking and thermal coal prices, the business is showing major improvement of its financial results. VTB Bank remains the reliable partner of Mechel partner and is interested in the stability of its operations and its development”, said the first vice-president and chairman of the board of directors of VTB Bank, Yuri Soloviev .
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Mechel is an international mining and steel company. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel brings together producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electricity. All its companies work in the same 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 caution 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 that Mechel files from time to time with the United States Securities and Exchange Commission, including our Form 20-F. These materials contain and identify important factors, including those contained in the section titled “Risk Factors” and “Caution Regarding Forward-Looking Statements” of our Form 20-F, which could cause actual results to differ materially. of those contained in our projections or forward-looking statements, including, among other things, the achievement of expected levels of profitability, growth, cost and synergy from 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 the price of our shares or ADRs, financial risk management and the impact of general business conditions and global economy.
THE SOURCE: PJSC Mechel
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