Breaking News

U.S. Sets Penalty Duties on Steel Pipe From South Korea, Eight Other Nations, to Counter Dumping
Tweet TWEET

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.

To contact the reporters on this story: Halia Pavliva in New York at hpavliva@bloomberg.net

To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.