Bloomberg News

Mechel Shares Headed for Lowest Level This Year on Waiver Talks

March 29, 2012

OAO Mechel (MTL:US) headed for its lowest close this year in Moscow trading after Russia’s biggest miner of steelmaking coal said it started talks with lenders to obtain waivers and amendments to loans on the expectation falling prices caused it to breach financial covenants.

The shares slid 4.6 percent to 264.40 rubles by 5:59 p.m. in Moscow. A close at that level would be their lowest since Dec. 30.

To contact the reporters on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net; Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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Companies Mentioned

  • MTL
    (Mechel)
    • $0.74 USD
    • -0.04
    • -4.8%
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