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Mechel’s stocks add 12% in New York on Thursday

November 15, 2013, 17:14 UTC+3 NEW YORK
Amid scarce corporate news, experts explain the downfall in Mechel’s stocks with investors’ doubts as to whether negotiations about debt restructuring will be successful
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New York stock exchange

New York stock exchange

© EPA/JUSTIN LANE

NEW YORK, November 15, 16:11 /ITAR-TASS/. American depositary receipts (ADR) of the debt-stricken Russian company Mechel closed 11.82% ($0.26) up at $2.46 on New York stock exchange on Thursday after plunging 23% on Wednesday.

Meanwhile, on the Moscow stock exchange Mechel’s common stocks added 12% on Thursday after a collapse by 41.4% a day earlier. The company’s preferreds rose 8% against a 23% dip a day before.

Amid scarce corporate news, experts explain the downfall in Mechel’s stocks with investors’ doubts as to whether negotiations about debt restructuring will be successful.

The Mechel Group’s facilities produce coal, iron ore concentrate, steel, steel products, ferroalloys, high value-added products, thermal power, and electricity. In 2012 Mechel reported a net loss of $1.66 billion due to impairment of assets. Its revenue totaled $11.3 billion, EBITDA - $1.3 billion. As of March 31, 2013 Mechel’s total debt was $9.3 billion.

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