MOSCOW, October 28 /PRNewswire/ --
Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces that it has signed a Memorandum of Intent with Minmetals, one of China's largest state industrial corporations.
On October 28, 2008, at the Third Russian-Chinese Economic Forum in Moscow, with Vice-Prime Minister of the Russian Federation Alexander Zhukov in attendance, a number of commercial bilateral agreements were signed. One of the aforementioned agreements was the Memorandum of Intent between Mechel OAO and Minmetals, a Chinese-based state mining, metallurgical, construction, and investment corporation. The Memorandum was signed by Igor Zyuzin, Chief Executive Officer of Mechel OAO, and Zhang Yuanrong, Vice President of Minmetals.