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Mechel Temporarily Halts Mining Operations at Mechel Bluestone
04/29/2014 - Mechel OAO, a Russian mining and metals company, reported the temporary halting of mining at Mechel Bluestone in West Virginia, USA, which is part of the Group's mining division.
Due to unfavorable market conditions, mining operations was temporarily halted at all of Mechel Bluestone's mines and open pits. Some of the company's washing facilities will continue operating to meet the company's contractual obligations.
"Temporary halting of mining works at Mechel Bluestone is a coercive measure. Spot prices for coking coal are at their minimum since 2007, which makes coal production at Mechel Bluestone unprofitable. We will make the decision to re-launch depending on the market situation," Mechel Mining Management OOO's chief executive officer Pavel Shtark commented.
Mechel is an international mining and steel company which employs over 70,000 people. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.
"Temporary halting of mining works at Mechel Bluestone is a coercive measure. Spot prices for coking coal are at their minimum since 2007, which makes coal production at Mechel Bluestone unprofitable. We will make the decision to re-launch depending on the market situation," Mechel Mining Management OOO's chief executive officer Pavel Shtark commented.
Mechel is an international mining and steel company which employs over 70,000 people. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.
