UPDATE 1-Russia's Mechel raises doubt about future

* Mechel files 2008 20-F form with SEC

* Includes going concern notice

* Says can access capital, continue operational existence

(Adds more details from 20-F, debt background, analyst)

By Alfred Kueppers and Polina Devitt

MOSCOW, June 24 (Reuters) - Debt-saddled steel and coking coal producer Mechel (MTLR.MM) on Wednesday raised major doubts about its future as a going concern.

Top Russian steel producers borrowed more than $30 billion to make acquisitions and increase production during the pre-crisis boom [ID:nLU975877] and Mechel is one of the most indebted, with total debt of $5.4 billion as of Dec 31, 2008.

"There is substantial doubt about our ability to continue as a going concern," the company wrote in a key filing with the U.S. Securities and Exchange Commission (SEC).

It was the first report of a so-called "going concern" notice to a Russian company since the financial crisis hit, closing off debt markets and slashing demand for key export products such as steel. [ID:nN26301466]

The company added in the "risk factors" section of the 2008 20-F filing that it expects to refinance $3.5 billion in short-term debt and that it will secure adequate resources to continue "in operational existence for the foreseeable future."

A Mechel spokesman declined comment.

After the Reuters report on the filing, Mechel shares traded from an intraday high of $9.18 down to $8.70 by 1600 GMT.

RESTRUCTURING

Mechel has breached covenants on $4.2 billion of loans, forcing it to reclassify most of its debt as short-term. [ID:nNL3346793]

The company last month said it agreed new terms for a $1.5 billion bridge loan originally taken out to finance the acquisition of Kazakh chrome maker Oriel Resources. It will restructure $1.0 billion and repay the remainder with a Gazprombank loan. [ID:nLQ937414]