Russia's Mechel could list shares in Q2 -source

MOSCOW Feb 27 (Reuters) - Russian steel and coking coal producer Mechel (MTL.N) could list its preferred shares in New York in the second quarter, a source familiar with the matter told Reuters on Saturday.

A listing would allow the U.S.-based James Justice family to sell some of the 83.3 million preferred Mechel shares they acquired via the 2009 sale of Bluestone Coal Corp to Mechel, the source added. [ID:nLM122811]

"If the Justice family makes a request, Mechel will do it," the source said, adding that if no listing takes place by May 15, it will likely be postponed until the end of 2010.

Mechel placed 138.8 million shares in April, 2009 and purchased them through its own Skyblock investment vehicle. Shares which were not given to the Justice family are still held by the Russian company. [ID:nL3123978]

However, the source said that Mechel does not plan to sell any of these shares at present.

Instead, carrying out the listing will allow the Justice family to sell some of its shares on a stock exchange.

Mechel's ordinary shares are already listed in Moscow and New York.

(Reporting by Polina Devitt, writing by Alfred Kueppers)