Mechel, one of the leading Russian mining and steel groups, has announced that its transport operating subsidiary Mecheltrans has signed a Ruble 1.26 billion (about $43 million) financial lease contract with Gazprombank Leasing for the leasing of railcars.
According to the contract, Gazprombank Leasing, an authorized company that implements Gazprombank's leasing projects, plans to lease out about 450 railcars manufactured by Novokuznetsk Railcars Construction Plant during the first and second quarters of 2010.
"Mecheltrans' rolling stock fleet will be increased by 12 percent due to the purchase of 450 railcars through financial leasing. The increase of leasing rolling stock fleet, which in future will pass into our ownership, will allow the company to significantly cut shipping costs. The additional railcars will be engaged in transportation of raw materials, semi-finished goods and finished products between Mechel's subsidiaries. It is supposed to ship about 1 million mt of cargo per year in these railcars," Mecheltrans CEO Alexander Starodubov said.
Currently, Mecheltrans provides freight forwarding of not less than 35 million mt of cargo per year. Mechel's products are transported by the operator to Russia, the CIS, as well as non-CIS countries. Exports are arranged for Europe, the Middle East and the Asia-Pacific region. The majority of the cargo goes through land border-crossings to China, Ukraine, Slovakia, Romania, Bosnia and Herzegovina. In 2007, Mecheltrans was officially awarded as the best Russian rolling stock operator.