MOSCOW, Nov. 6, 2014 (GLOBE NEWSWIRE) -- Mechel OAO (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 no longer 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.
According to NYSE rules, Mechel has six months from the date of its receipt of the NYSE notice to bring its shares price in compliance with the listing's standards. During this period, the company's shares will be traded at NYSE.
In case price for ADRs on Mechel OAO's ordinary shares remains less that 1 US dollar over the period stipulated by NYSE, the company will use its right to change the ADR to ordinary share ratio. This will automatically bring the price for an ADR for ordinary shares into compliance with NYSE standards. Currently one ADR corresponds to one ordinary share.
Until average monthly price for ADRs on Mechel OAO's ordinary shares go back to the level not less than 1 US dollar, Mechel OAO's ADRs will be traded at NYSE, but will be assigned <.BC> suffix.
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 firstname.lastname@example.org