Izhevsk, Russia – April 15, 2005 – Mechel OAO has increased its stake in Izhstal OAO to 87.35%.
Mechel previously owned 62.36% in Izhstal OAO. Today’s stake of 24.99% was acquired for approximately $15.7 thus increasing our stake in Izhstal OAO to 87.35%.
“We are happy that Mechel has increased its stake in Izhstal to 87.35% allowing us to consolidate more of the anticipated results of our upgrade strategy there. We are already implementing a number of projects to improve production at Izhstal and further increase the competitiveness of its products. This will ultimately benefit both Mechel and Izhstal, as well as the Republic of Udmurtia,” Mechel’s CEO, Vladimir Iorich, said.
Izhstal produces rolled products and calibrated products from constructional, constructional alloyed, tool, and high speed steel; hardware products, such as jewel steel, cold rolled bands, calibrated hardware products, stainless welding wire, steel shaped profiles of high precision, cold rolled and flattened bands, stampings, and forgings. Izhstal’s quality management system complies with the international standards: ISO 9001:2000 and AD WO/TRD 100.
Mechel Steel Group OAO
Mechel Steel Group is one of the leading Russian metals and mining companies. The Company unites producers of steel, rolled products, hardware, coal, iron ore concentrate, and nickel. Mechel Steel Group products are marketed domestically and internationally.