Mechel Falls in N.Y. as Cold Weather Halts Production in Romania
OAO Mechel (MTLR), Russia’s largest producer of coal for steelmaking, fell in New York after saying it would halt production at two plants in Romania as cold weather in Europe disrupted scrap supplies.
American depositary receipts of the company declined 0.4 percent to $10.75 at 10:52 a.m. in U.S. trading, after falling as much as 1.8 percent. The stock, which lost 71 percent last year, has gained 26 percent this year.
Production at the Mechel Targoviste and Ductil Steel Otelu Rosu plants will be temporarily halted beginning tomorrow because colder-than-usual weather in the region led to disruption of raw materials supplies, Mechel said in an e-mailed statement. It did not indicate when production may resume.
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