Bloomberg News

Mechel Gains Third Day on Watchdog License Report: Moscow Mover

April 03, 2012

OAO Mechel (MTLR), Russia’s largest producer of coal for steelmakers, rose a third day after a watchdog declined to pull licenses for the company’s Southern Kuzbass unit, according to RIA Novosti.

Mechel (MTLR) advanced as much as 3.4 percent and traded up 2.9 percent at 276.60 rubles at 2:55 p.m. in Moscow.

The Subsoil Resources Agency, known as Rosnedra, is still waiting for materials on license violations at Mechel’s Yakutugol, deputy head Vladimir Bavlov told the news service.

Separately, international lenders may agree to increase rates for Mechel 50 basis points in exchange for letting the company breach previously-agreed financial covenants, Luis Saenz, chief executive officer of the U.S. unit of Moscow-based brokerage Otkritie Financial Corp. said in a note today, citing Debt Wire.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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