MOSCOW, June 18 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
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.