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ADR Report: Shares Lower As China Cuts Growth Target

By Corrie Driebusch Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Monday, in line with the broader market, as China cut its economic growth target and data showed euro-zone business activity contracted more than initially thought. The Bank of New York index of ADRs declined 0.8% to 131.30 as resource stocks tumbled after China, a large consumer of natural resources, cut its economic growth target to 7.5% for 2012 after keeping it at 8% for the past eight years. Mechel OAO (MTL, MTLR.RS) fell 5.6% to $10.56, Rio Tinto PLC (RIO, RIO.LN) dropped 3.9% to $54.23 and BHP Billiton PLC (BBL, BLT.LN) ended down 2.4% at $62.65. The Latin American index and the emerging markets index lost 1.8% to 381.16 and 1.8% to 312.84, respectively, as Brazil resources companies also fell on news of a China slow down. China is Brazil's biggest trading partner and Brazil's key exports include iron ore. Vale SA (VALE, VALE5.BR), the world's largest iron ore supplier, traded down 3.7% to $24.74. Steel producer Gerdau SA (GGB, GGBR4.BR) declined 2.2% to $10.36. The European index lost 0.3% to 120.26 as Italy and Spain both contracted faster in February than in January, suggesting that growth for those countries looks to be a long way off. Shares of Spanish banks Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) fell 1.9% to $8.85 and Banco Santander SA (STD, SAN.MC) lost 2.1% to $8.22. The Asian index fell 1.4% to 128.53. Tumbling natural-gas futures are weighing today on the energy sector as natural-gas futures flirted with 10-year lows on expectations that warmer-than-usual weather will persist across much of the U.S. this month. Coal companies took a hit as low natural-gas prices are liable to only hasten the switch of power plants to that fuel instead of coal. Shares of Yanzhou Coal Mining Co. (YZC, K3GD.SG, 600188.SH, 1171.HK) shed 4.5% to $23.37. -By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

Stock News for Mechel Oao (MTL)
DateTimeHeadline
09/22/201418:39:55ADR Shares End Lower; Mechel Shares Trade Actively
03/03/201403:22:53Gazprom, Industrials Plunge In Micex Rout -- Market Talk
12/03/201316:58:24ADR Shares End Lower As Investors Eye Friday Jobs Report
11/18/201313:10:43Mechel Agrees With Main Lenders on Easing Debt
11/18/201312:53:23Mechel Agrees With Main Lenders on Easing Debt - Sources
11/14/201308:53:10Sberbank CEO: Mechel Debt-Restructuring Process Proceeding Normally...
04/30/201308:50:42Mechel Signs 3-Year Coal Deal With Korea's POSCO
04/29/201317:05:41ADR Shares Rise on Gains for Mining, Energy Stocks
04/17/201310:54:23Mechel Resumes Work at Some Idled West Virginia Mines
03/04/201317:20:53ADR Shares Close Mixed; Property, Mining Stocks Slump After China...
02/20/201317:13:37ADR Shares End Lower; Gold Mining Companies Hit Hard
01/11/201318:12:09ADR Shares End Mixed; Metals, Mining Stocks Fall on China Inflation...
12/10/201217:22:36ADR Report: Shares End Slightly Higher, Boosted by Mining Stocks
10/15/201206:12:33Mechel Secures $775 Million Credit for Russian Mine
08/27/201217:15:27ADR Report: Shares End Lower; Steelmakers Slump
06/20/201217:32:20ADR Report: Shares End Higher on Central Bank Support
05/02/201217:19:50ADR Report: Shares Lower As Euro Zone Worries Grow
03/29/201217:23:17ADR Report: Shares Drop On Weakness In Overseas Markets
03/05/201217:26:20ADR Report: Shares Lower As China Cuts Growth Target
12/28/201110:48:23Evraz Secures $610 Million Loan Amid Volatile Market Conditions

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