Russia's Mechel launches $100 mln share buyback programme
MOSCOW, June 18
MOSCOW, June 18 (Reuters) - Russian miner Mechel said on Tuesday it would launch a share buy back programme of up to $100 million, after it reported a first-quarter net loss of $321 million partly due to weak prices.
The New York-listed miner and manufacturer has seen its shares dive nearly 90 percent since the start of 2011 as tumbling steel and coal prices raised concerns over how it would manage its debts of over $9 billion.
"The buyback decision reflects the Board's confidence that the fundamental value of our company's shares is higher, and meets the interests of all of its shareholders", Mechel's Chief Financial Officer Stanislav Ploschenko said in a statement.
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