HARTFORD, Conn. (AP) -- Mechel OAO, a Russian mining and metals company, has launched a medium-section mill in Romania following renovations, the company said Monday.
Mechel said it modernized production, including upgrading a furnace, at Mechel Targoviste in Targoviste, Romania. The company said its total investment was the equivalent of $12.8 million.
The upgrades were intended to improve finished product quality and reduce production costs, including reducing natural gas consumption.
Mechel said cost savings from the renovations will be the equivalent of $3.4 million.
American Depositary Shares of Mechel lost 29 cents to $25.94 in afternoon trading.
