MOSCOW, December 8. /TASS/. Mechel has been notified by the New York Stock Exchange (NYSE) on commencing proceedings to delist the ADRs representing its common and preferred shares, the company said in a statement on Thursday.
"The New York Stock Exchange notified the company that it has determined to commence proceedings to delist the two securities of Mechel PAO — MTL ADR (each representing two common shares) and MTL PR ADR (each representing one-half of a preferred share) — from the NYSE," the statement reads.
Trading in the company’s securities has been halted since February 28, 2022 and will now be suspended immediately.
The NYSE has determined that Mechel’s securities are not suitable for listing pursuant to the NYSE Listed Company Manual "in light of the announcements by Deutsche Bank, the depositary under the company’s ADR programs, of its intention to terminate the deposit agreements for the company’s securities effective as of December 7, 2022," Mechel noted.
"According to the NYSE’s notification letter, application to the Securities and Exchange Commission to delist the company’s Securities is pending, subject to the completion of applicable procedures, including any appeal by the company of NYSE Regulation’s decision," the statement said.
Mechel is comprised of enterprises producing coal, iron ore, steel, rolled products, ferroalloys, heat and electric power.