Mechel Reports Receipt of NYSE Notification
March 03 2015 - 8:15AM
Mechel OAO (MICEX:MTLR) (NYSE:MTL)
, one of
the leading Russian mining and metals companies, reports receiving
notice from the New York Stock Exchange (NYSE) that Mechel OAO's
American Depositary Receipts (ADRs) are compliant with the
listing's standards requiring that an ADR's average closing price
over 30 consecutive trading days must not be lower than 1 US
dollar.
On October 30, 2014, Mechel OAO received an official NYSE notice
that the company's ADRs were no longer compliant with the NYSE
listing's standards requiring that an ADR's average closing price
over 30 consecutive trading days must not be lower than 1 US
dollar. The company's ADRs were assigned a <.BC> suffix.
On January 29, 2015, the closing price for ADRs went higher than
1 US dollar and continued to grow throughout February. On February
27, 2015, the ADRs' average closing price over 30 consecutive
trading days amounted to $1.26 per ADR.
On March 2, 2015, the company received official notice from the
New York Stock Exchange that its ADRs were compliant with the
listing's standards. The <.BC> suffix will be removed by the
NYSE.
Mechel is an international mining and steel company which
employs over 70,000 people. Its products are marketed in Europe,
Asia, North and South America, Africa. Mechel unites producers of
coal, iron ore concentrate, steel, rolled products, ferroalloys,
heat and electric power. All of its enterprises work in a single
production chain, from raw materials to high value-added
products.
Some of the information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of Mechel, as defined in
the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. We wish to caution you that these
statements are only predictions and that actual events or results
may differ materially. We do not intend to update these statements.
We refer you to the documents Mechel files from time to time with
the U.S. Securities and Exchange Commission, including our Form
20-F. These documents contain and identify important factors,
including those contained in the section captioned "Risk Factors"
and "Cautionary Note Regarding Forward-Looking Statements" in our
Form 20-F, that could cause the actual results to differ materially
from those contained in our projections or forward-looking
statements, including, among others, the achievement of anticipated
levels of profitability, growth, cost and synergy of our recent
acquisitions, the impact of competitive pricing, the ability to
obtain necessary regulatory approvals and licenses, the impact of
developments in the Russian economic, political and legal
environment, volatility in stock markets or in the price of our
shares or ADRs, financial risk management and the impact of general
business and global economic conditions.
CONTACT: Mechel OAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
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