Moscow, Russia ľ April 29, 2016 ľ Mechel PAO (MICEX: MTLR, NYSE: MTL), one of the leading Russian mining and metals companies, reports its transition to the International Financial Reporting Standards (IFRS) as it prepares to publish its consolidated financial report. Earlier Mechel used US GAAP standards in filing its financials.
The date of transition to IFRS is January 1, 2014. On or before May 13, 2016, the company will file its consolidated financial statements for the year ended December 31, 2015 and for the year ended December 31, 2014.
The reporting currency for the consolidated financial statements has been changed from US dollars to Russian rubles.
The principal adjustments the Group made in representing the previously used US GAAP in order to comply with IFRS will be explained in Note 9 to the consolidated financial statements.
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