Moscow, Russia – June 28, 2005 – Mechel OAO (NYSE: MTL) announces the change of its full corporate name to Mechel Open Joint Stock Company.
“With this step we are pleased to more appropriately recognize the vertical integration, and historical roots, of Mechel. The mining and steel segments are both essential elements of our structure. Therefore, it is logical to remove from the corporate name words emphasizing significance of only one of the segments. Mining has always been a core business for Mechel and the recent acquisitions of significant new license areas for coal development, the strong results posted by the mining segment in 2004, only serve to emphasize its importance to us,” Mechel’s CEO, Vladimir Iorich, said.