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Russia's mining and metals company common shares grow by 20%

September 29, 2014, 19:13 UTC+3 MOSCOW
Mechel’s shares rose after a dramatic fall last week when they plummeted by 57.3% on September 22-26 to an all-time minimum of 13 roubles per share
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© EPA/MAXIM SHIPENKOV

MOSCOW, September 29. /ITAR-TASS/. Common shares of Russia’s Mechel, a global mining and metals company, soared by 20% to 18 roubles per share on the Moscow Stock Exchange on Monday, driven by a Kremlin aide’s remarks that the company was close a compromise with its creditors.

Presidential aide Andrei Belousov said “ the Mechel management is as close to a compromise with the creditors as never before”.

“The sides are half a step away from a mutually acceptable solution,” he added.

Belousov said VTB’s claims against Mechel did not mean its bankruptcy but were rather a technical step aimed at defending the bank’s own interests.

Mechel’s shares rose after a dramatic fall last week when they plummeted by 57.3% on September 22-26 to an all-time minimum of 13 roubles per share.

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