Key Developments: Mechel OAO (MTL.N)

MTL.N on New York Stock Exchange

0.77USD
19 Dec 2014
Price Change (% chg)

$0.25 (+46.48%)
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$0.53
Open
$0.71
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$0.77
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$0.60
Volume
1,257,391
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$2.63
52-wk Low
$0.42

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Latest Key Developments (Source: Significant Developments)

Mechel OAO shares rally on new debt refinancing plan-Interfax
Wednesday, 17 Dec 2014 11:52pm EST 

Mechel OAO:Shares in Mechel rallied more than 15 pct in early trading on news of a new plan to restructure the coal and steel group's debt-Interfax.Ordinary shares were up 15.2 pct to 19.35 Russian roubles each by 10:31 a.m. and prefs were up 16.3 pct to 12.14 roubles.The Vedomosti newspaper said Mechel had proposed a new debt restructuring plan to its creditor banks.In addition to the previously proposed conversion of forex debt into rubles and rescheduling, Mechel's new proposal would give banks 75 pct of new shares in the company as collateral.  Full Article

Court orders Mechel OAO to pay VTB 3 billion Russian roubles on debt-Interfax
Friday, 5 Dec 2014 06:47am EST 

Mechel OAO:Moscow arbitration court has ruled in favor of VTB in the bank's lawsuit against Mechel seeking payment of nearly 3 billion roubles in overdue debt on a loan-Interfax.Mechel's ordinary shares down 10.3 pct on Moscow Stock Exchange, preferred shares down 5.5 pct.The court also rejected a counter suit Mechel filed against VTB to amend the loan agreement.  Full Article

Mechel OAO plans to switch from US GAAP to IFRS-Interfax
Tuesday, 14 Oct 2014 11:55pm EDT 

Mechel OAO:Mechel intends to switch from US GAAP financial reporting to International Financial Reporting Standards (IFRS), the company's CFO, Andrei Slivchenko said in a conference call-Interfax.In the transition period, which will take about two years, the company will prepare two financial statements, to US GAAP and IFRS, he said.He added the company also intends to stop preparing official interim consolidated financial results.  Full Article

Sberbank Rossii OAO files new lawsuits against Mechel OAO-Interfax
Friday, 3 Oct 2014 12:41am EDT 

Sberbank Rossii OAO:Moscow Arbitration Court has registered four new lawsuits filed by Sberbank Rossii OAO against Mechel OAO and its subsidiaries-Interfax.According to the court's database, the defendants in the suits are Korshunovskiy gorno-obogatitel'nyi kombinat OAO, Ugol'naya kompaniya Yuzhnyi Kuzbass OAO, Bratskiy zavod ferrosplavov OOO, Mechel Trans Auto OOO, Chelyabinskiy Metallurgicheskiy Kombinat OAO, Mechel Service OOO and Mechel Trans OOO.The main points of the cases have not been disclosed.  Full Article

Sberbank Rossii OAO files lawsuit against Mechel OAO and subsidiaries-Interfax
Wednesday, 1 Oct 2014 07:00am EDT 

Sberbank Rossii OAO:Sberbank has filed a lawsuit against Mechel OAO and some of the coal and steel company's subsidiaries, according to the court's database-Interfax.The co-respondents in the case are Mechel-Trans OOO, Mechel-Service OOO, Chelyabinskiy Metallurgicheskiy Kombinat OAO and Bratskiy zavod ferrosplavov OOO.The nature of the claims is unclear. Interfax was not immediately able to obtain comment from the parties concerned.Earlier Sberbank chief German Gref told reporters that the bank was prepared to take Mechel to court over loan arrears. Mechel owes the bank $1.3 billion in total.VTB Bank OAO is also demanding the company repay 3 billion rubles in loan arrears via the courts.  Full Article

Moody's downgrades Mechel OAO from Caa1 to Caa3, negative outlook-Interfax
Wednesday, 1 Oct 2014 05:21am EDT 

Mechel OAO:Moody's Investors Service has lowered its corporate family rating (CFR) assigned to the Mechel OAO from Caa1 to Caa3-Interfax.Probability of default rating (PDR) has been lowered from Caa1-PD to Ca-PD, the agency said in a press release.The outlook for the ratings remains negative.  Full Article

Mechel OAO shares continue to rally-Interfax
Tuesday, 30 Sep 2014 12:40am EDT 

Mechel OAO:Shares in Mechel continue to rally in early trading on Sep. 30 after a Kremlin aide said that the coal and steel group is close to a compromise with its creditors-Interfax.Ordinary shares were up 11.3 percent to 20.7 rubles and preferred shares 7 percent to 10.14 rubles at the very start of trading; and up 20.4 percent to 22.4 rubles and 10.8 percent to 10.5 rubles by 10:20 a.m.The rally follows presidential advisor Andrei Belousov's statement Sep. 29 evening that company was closer than ever to a compromise with its creditors.He also said too much should not be read into recent court claim for 2.99 billion rubles that VTB filed against Mechel.Indeed VTB chief Andrei Kostin said later on Sep. 29 that the bank could start to work with Mechel as previously if the company raised the 3 billion rubles to pay off past-due loan arrears.  Full Article

VTB Bank OAO files 3 billion ruble lawsuit against Mechel OAO-Interfax
Friday, 26 Sep 2014 12:06am EDT 

VTB Bank OAO:Russian bank VTB filed a 2.99 billion Russian ruble lawsuit with the Moscow Arbitration Court against Russian mining and steel company Mechel OAO on Sep. 25, according to files relating to the case-Interfax."The loan is not being serviced, so VTB filed suit against Mechel for the return of overdue debt," VTB CEO Andrei Kostin told Russian newspaper Izvestia.There is currently no information on the court's database on lawsuits filed by Sberbank or Gazprombank.Mechel's main creditors had previously not turned to the courts with suits against the company.  Full Article

Mechel OAO shares sink to new all-time low on bankruptcy fears-Interfax
Tuesday, 23 Sep 2014 12:43am EDT 

Mechel OAO:Shares in Mechel fell to a new all-time low in early trading on the Moscow Exchange on investor fears that bankruptcy might be the only way to solve the company's debt problems-Interfax.The stock was down 22 percent from Sep. 22 closing to 21.3 Russian rubles by 10:35 a.m. after falling as low as 20.5 rubles.This weekend the Minister of Economic Development of the Russian Federation Aleksey Ulyukaev said that the bankruptcy of Mechel is a likely scenario, and "it is difficult to suggest any other reasonable option".He was commenting on the opinion of VTB head Andrey Kostin, who on Sep. 19 said that since Mechel does not accept the conversion of debt into shares, the only way out was, in fact, bankruptcy.  Full Article

Mechel OAO considers sale of assets, including Chelyabinskiy Metallurgicheskiy Kombinat OAO-Interfax
Thursday, 11 Sep 2014 03:25am EDT 

Chelyabinskiy Metallurgicheskiy Kombinat OAO:Shares in Chelyabinskiy Metallurgicheskiy Kombinat OAO (CHMK) jumped 40 percent second day in a row on the news of its possible sale by Mechel OAO-Interfax.Mechel OAO's general director Oleg Korzhov told Vedomosti in an interview that the company is considering selling any of its assets and hopes to earn between $2 billion and $3 billion over two or three years.According to Korzhov, the sale of assets, together with the potential sale of a railroad and improving global market conditions could allow Mechel to repay $4-5 billion of its debt.This would also allow Mechel to decrease its debt/EBITDA ratio to 4-5 in four or five years.Korzhov also did not rule out that Mechel may sell CHMK, as a whole or part.  Full Article

Russia's Mechel says to cut coal sales by 7 pct in 2014

MOSCOW, Dec 9 - Russian miner Mechel expects sees is 2014 coal sales down by 7 percent to just above 21 million tonnes due to a shortage of working capital, the company's Chief Executive Officer Oleg Korzhov said on Tuesday.

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