MOSCOW, Feb. 1, 2011 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, announces the appointment of a new Managing Director of Izhstal OAO (Izhstal), part of Mechel Group.
Konstantin Kretov, 48, was appointed Managing Director of Izhstal effective February 1, 2011. He succeeds Valery Moiseyev, who managed the plant since 1992 and who will continue to oversee the plant's operations as Chairman of Izhstal's board of directors.
UK Mechel Steel's General Director Andrei Deineko noted that "Valery Moiseyev has been working at Izhstal for nearly 40 years, including 18 years managing it. With him at the helm, the plant overcame the difficult years of economic reforms in the 1990s, having preserved its potential in production and personnel, as well as its status as a specialty and stainless steel rolled products manufacturer. In recent years, the plant invested much effort in boosting the production of high value-added products. Based upon 2010 operational results, Izhstal's production topped pre-crisis levels. Also, under Valery Moiseyev's leadership the company successfully implemented a full-scale project for reconstruction of steel-making lines and continued to upgrade its rolling mills. These measures raised the company to a new level of technological sophistication."
Regarding Mr. Moiseyev's new role, Mr. Deineko commented, "As Chairman of Izhstal OAO's board of directors, Valery Moiseyev will now concentrate on dealing with strategic issues – that is the task we have today for this talented manager."
With respect to Mr. Kretov's assumption of the position of Managing Director, Mr. Deineko said, "Valery Moiseyev has set a very high standard in administrating the plant. I am sure that Konstantin Kretov will successfully continue this work. He has a great deal of practical experience in steel production, and proved to be a skillful specialist and an experienced manager."
Prior to this appointment Mr. Kretov began his professional career in Izhstal in 1985 as a supervisor and worked his way up to a calibrating and rolling mill chief in 2007-2010. He was appointed chief of Izhstal's planning, economic analysis and pricing department in April 2010, acting as deputy managing director for economics and finance.
Mr. Kretov graduated from Moscow Bauman Higher Technical School with a specialty in automated steelmaking machinery.
Mechel is one of Russia's leading companies. Its business is primarily composed of four segments: mining, steel, ferroalloy and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, ferrochrome, ferrosilicon, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
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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 wish to caution you 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 Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of 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 in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.
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