Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

VTB Wins Court Case Vs Mechel
8.12.2014 10:51
VTB Wins Court Case Vs Mechel
Photo Credit: http://www.championat.com

Moscow’s Commercial Court ruled in favour of VTB in a case involving near-bankrupt mining giant Mechel.

      The metal producer was ordered to pay almost 3 billion roubles in debt to the country’s second-largest lender that issued a loan worth 43 billion roubles in 2010.

      Mechel announced it would appeal the court’s decision.

      The company is holding protracted negotiations with its creditors, and the verdict may prompt other banks, including Sberbank and Gazprombank to follow suit.

      Earlier, Russia-IC reported on the highlights of Mechel’s operational results.

      Sales of coking coal concentrate in the third quarter went down by 12% quarter-on-quarter due to weaker demand from Chinese consumers which was partly compensated by redirecting our supplies to Japanese and South Korean steelmakers. The lack of trade working capital had its impact too.

      High demand for coke products in all our markets served as an impulse for production growth at Mechel-Coke OOO and Moscow Coke and Gas Plant OAO, and, accordingly, a quarter-on-quarter 27-percent increase of coking coal concentrate supplies to these facilities.

      The 21-percent q-on-q decrease in PCI sales is primarily due to a weaker global market for metallurgical coals. We managed to maintain our anthracite sales on the previous quarter’s level due to increased supplies for Chelyabinsk Metallurgical Plant’s agglomeration facility.

      In 3Q2014, flat rolls sales went down by 9% quarter-on-quarter due to planned repairs at Chelyabinsk Metallurgical Plant’s mill 2300.

      Sales of long rolls went down by 14% quarter-on-quarter due to planned repairs of Chelyabinsk Metallurgical Plant’s mill-300.

      “We are proud to announce that Elga Coal Complex has started to produce significant volumes of coal, with over 520,000 tonnes of run-of-mine coal mined in the third quarter alone, and that enabled the company to increase its overall coal output in the third quarter by 3% compared to the previous quarter,” said Mechel OAO’s Chief Executive Officer Oleg Korzhov.

       




Author: Mikhail Vesely

Tags: Mechel     

Next Previous


You might also find interesting:








Comment on our site


RSS   twitter      submit



TAGS:
Treasures  Karachay-Cherkessia  students  Tsaritsyno  Russian business  Volgograd  Exhibitions in Moscow  travel to Russia  tourism  Rodion Shchedrin  extremism in Russia  Rituals  film awards  Novgorod Region  Russian tourism  Russian Cultural Foundation  Russian economy  Russian fashion week  Russian scientists  Russian models  Pskov Region  Russian space programme  Konstantin Stanislavski  Suzdal  Mercedes-Benz Fashion Week Russia  Alexei Fatyanov  Sergey Eisenstein  Russian achaeology  Theatre Festivals  Russian science  Vladimir Yankilevsky  migration rules in Russia  Sergey Volkov  Russian banks  Music Festivals  Perm Museums  Russian Cinema  Lipetsk Region  Kulikovo Battle Field   Exhibitions in Saint Petersburg  Moscow restaurants  Moscow  Ryazan Region  Titian  St. Petersburg  DDT  Russian television  Amur Region  Svetlogorsk  book hotels in Russia 


Travel Blogs
Top Traveling Sites