4 Traders reported that heavily indebted Russian coal and steel producer, OAO Mechel has resumed work at 3 mines at its Bluestone facility in West Virginia, the company said that Wednesday April 17thin its annual report.
The company which had temporarily idled the Bluestone mines late last year due to oversupply and poor market conditions said that it has resumed underground operations at Keystone’s Mine 65 in March and at Pochahontas No 11 Contour and Auger No 2 this month.
In January, the company restarted work at surface mines Justice Energy and Dynamic Energy. The 2 complexes produce some 135,000 tonne of coal a month.
The company reported this week that it had net debts of USD 9.4 billion as of December 31st 2012.
Source – 4 Traders