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Mechel PAO (NYSE: MTL) has successfully discharged all obligations related to its public debt, including the full repayment of its 04 series bonds. This repayment was executed as per the company's schedule and concludes the restructuring of obligations that took place in 2015-2016, involving bonds totaling 30 billion rubles. The total repaid coupon yield for these bonds was 24.9 billion rubles, with interest rates ranging from 8% to 19%. CEO Oleg Korzhov expressed gratitude to bondholders for agreeing to favorable restructuring terms during challenging times.
Mechel PAO (NYSE: MTL) recently held its annual general shareholder meeting where significant decisions were made. Notably, the company will not pay an annual dividend for ordinary shares but will distribute 1.17 rubles per preferred share, totaling 162,345,590.55 rubles for this payment. The rest of the profits from previous years, amounting to 7,408,477,471.33 rubles, remain unallocated. Furthermore, a new Board of Directors was elected, and Energy Consulting AO was approved as the company’s auditor.
Mechel PAO (MTL) has launched four new wiredrawing benches at Beloretsk Metallurgical Plant, part of a significant upgrade for producing import-substituting wire. This initiative, worth 220 million rubles, is the first of a total of 12 benches planned under a 1.5 billion rubles project initiated in 2016, aided by a 750 million ruble loan from Russia's Industrial Development Fund. The new equipment, which enhances ecological safety by avoiding chemical scaling, aims to boost labor efficiency and job creation while increasing annual production capacity to 50,000 tonnes.
Mechel PAO (NYSE: MTL) announced critical decisions made by its Board of Directors on May 24, 2021. The board recommended no annual dividend for ordinary shares, while proposing a dividend of 1.17 rubles for each preferred share. The net profit allocation for 2020 was divided, with 162.3 million rubles designated for preferred share dividends and the remainder of 7.4 billion rubles left unallocated. A shareholder meeting is scheduled for June 25, 2021, to finalize these decisions and elect board members.
Mechel PAO (MTL) released its 1Q2021 operational results, revealing a 23% decline in coking coal concentrate sales and a 36% drop in iron ore concentrate due to reduced mining and technical issues. Despite a promising market improvement leading to better funding for repair programs, the company faced cash flow challenges due to lower coal and steel prices impacted by the pandemic. However, April sales showed a rebound, with coal sales reaching 53% of the quarter's total. The steel division noted declines in pig iron and steel output by 13% and 15%, respectively, while electricity generation decreased by 3%.
Mechel PAO (NYSE:MTL) will release its Q1 2021 operational and financial results on May 20, 2021. The company is a prominent player in the mining and metals sector, producing various products marketed globally. Mechel operates a synergistic production chain, from raw materials to high-value products. The press release contains forward-looking statements, noting potential risks and uncertainties that could impact actual results. Investors are advised to consult the company's filings with the U.S. SEC for further details on risk factors.
Mechel PAO (NYSE: MTL) announced the launch of the second section of longwall 3-1-11 at the Sibirginskaya Underground Mine, with an investment exceeding 300 million rubles. The new area contains 1.5 million tonnes of industrial coal reserves. Equipped with advanced machinery, the longwall's seam height is 4 meters and is 220 meters long. Since its initial launch in 2019, over 1 million tonnes of coking coal have been mined. Future plans include preparing for mining in a third extraction area, set to commence in late 2022.
Mechel PAO (NYSE: MTL) announced that its subsidiary, Chelyabinsk Metallurgical Plant, received the title of 'Purveyor to the Moscow Government' in the Transport Infrastructure Development category. This recognition highlights the plant's significant contributions to the Moscow Metro, including the supply of 17,400 tonnes of rails in 2020. The award reflects the plant's adherence to contractual obligations and its pioneering rail production technology. CEO Andrey Ponomarev expressed pride in contributing to Moscow's transport infrastructure.
Mechel PAO (NYSE: MTL) announced the filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2020, with the U.S. Securities and Exchange Commission. The report includes audited financial statements and is accessible online at both the SEC and Mechel's website. Shareholders can request a free hard copy of the report. This filing is a critical disclosure for investors, providing essential insights into Mechel's financial health and operations. Stakeholders are encouraged to review the complete report for detailed financial data and future projections.
Mechel PAO (NYSE: MTL) has launched a new longwall at Southern Kuzbass Coal Company's V.I. Lenina Underground Mine, involving an investment of approximately 470 million rubles. The new longwall #0-16-10 is set to extract an estimated 435,000 tonnes of high-quality coking coal over the next eight months. Equipped with advanced safety-compliant machinery, this longwall aims to meet both domestic and international demand for coking coal, highlighted by CEO Igor Khafizov's comments on its market potential.
