Feb. 10 (Bloomberg) -- OAO Mechel, Russia’s largest coal producer for steelmakers, lost the most in eight weeks in New York as work was suspended at several facilities at the New-Olzherassk mine under order from the country’s safety regulator.
Mechel’s American depositary receipts sank 6.8 percent, the most since Dec. 19, to $10.68 in New York. Shares in Moscow dropped 3.7 percent to 328.7 rubles, or the equivalent of $10.94.
Production at the mine may resume “shortly” and the temporary halt won’t affect the “operational commitments” of the company’s Southern Kuzbass unit in Siberia, Mechel said today in a statement.
To contact the reporter on this story: Leon Lazaroff in New York firstname.lastname@example.org
To contact the editor responsible for this story: Emma O’Brien at Eobrien6@bloomberg.net