Mechel signs contract with Minmetals to construct rail and structural steel mill
Mechel OAO, one of the leading Russian mining and metals companies, announces that it has signed a contract with Minmetals, one of China's largest state-owned industrial corporations, to construct a rail and structural steel mill at its Chelyabinsk Metallurgical Plant OAO subsidiary.
Mechel, the heavily leveraged Russian steel and coking coal producer, is seeking waivers on debt covenants amid slumping global prices.