NEW YORK (TheStreet) -- Shares of Mechel OAO (MTL) are falling by 30.19% to $1.08 on heavy volume in mid-afternoon trading on Monday, as the Russia-based integrated mining and steel company may reportedly go bankrupt, according to Motley Fool.
Russian Economic Minister Alexei Ulyukayev said bankruptcy was "inevitable" for the company following the failure of talks regarding the restructuring of Mechel's $6 billion in debt, however, there is no guarantee that Mechel will end up going bankrupt, Motel Fool said.
Sanctions from the U.S., a decline in the ruble, increased debt, and a weak commodity environment all contributed to Mechel's precarious financial situation.
Mechel has been dealing with a volatile year. Last October the company was warned by the NYSE that its American Depository Receipts were no longer in agreement with the listing norms, however earlier this month the company announced that its ADRs are in agreement with listing norms, Zacks Equity Research reported.
In February, Mechel sold several mining sites and processing plants in West Virginia for $5 million to the family of businessman Jim Justice, Bloomberg reported. Mechel is in line to receive royalty payments of 12.5% of any future sale of Bluestone Resources within five years, and 10% within the following five years.
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Recent MTL News
- Mullen Group Ltd. Announces Election of Directors and Appointment of Senior Officers • PR Newswire (US) • 05/08/2024 09:16:00 PM
- Mullen Group Ltd. Announces Election of Directors and Appointment of Senior Officers • PR Newswire (Canada) • 05/08/2024 09:16:00 PM
- Mullen Group Ltd.Closes Acquisition of ContainerWorld Forwarding Services Inc. • PR Newswire (US) • 05/03/2024 06:07:00 PM
- Mullen Group Ltd.Closes Acquisition of ContainerWorld Forwarding Services Inc. • PR Newswire (Canada) • 05/03/2024 06:07:00 PM
- Mullen Group Ltd. Reports 2024 First Quarter Financial Results • PR Newswire (US) • 04/25/2024 10:00:00 AM
- Mullen Group Ltd. Reports 2024 First Quarter Financial Results • PR Newswire (Canada) • 04/25/2024 10:00:00 AM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (US) • 04/23/2024 04:15:00 PM
- Mullen Group Ltd. 2024 First Quarter Earnings Conference Call and Webcast • PR Newswire (US) • 04/08/2024 09:02:00 PM
- Mullen Group Ltd. 2024 First Quarter Earnings Conference Call and Webcast • PR Newswire (Canada) • 04/08/2024 09:02:00 PM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (Canada) • 03/21/2024 04:25:00 PM
- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (US) • 03/21/2024 04:25:00 PM
- Mullen Group Ltd. Announces Renewal of Normal Course Issuer Bid • PR Newswire (US) • 03/07/2024 11:00:00 AM
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- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (US) • 02/21/2024 05:23:00 PM
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- Mullen Group Ltd. Announces 2023 Fourth Quarter Financial Results and Filing of Disclosure Documents • PR Newswire (US) • 02/15/2024 11:00:00 AM
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- Mullen Group Ltd. Announces Declaration of Monthly Dividend • PR Newswire (Canada) • 01/24/2024 11:37:00 PM
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- Mullen Group Ltd. To Acquire ContainerWorld Forwarding Services Inc. • PR Newswire (US) • 01/17/2024 11:00:00 AM
- Mullen Group Ltd. 2023 Year-End and Fourth Quarter Earnings Conference Call and Webcast • PR Newswire (Canada) • 01/15/2024 10:49:00 PM
- Mullen Group Ltd. 2023 Year-End and Fourth Quarter Earnings Conference Call and Webcast • PR Newswire (US) • 01/15/2024 10:49:00 PM
- Mullen Group Ltd. Increases Bank Credit Facilities to $375.0 Million • PR Newswire (US) • 01/08/2024 11:00:00 AM
- Mullen Group Ltd. Increases Bank Credit Facilities to $375.0 Million • PR Newswire (Canada) • 01/08/2024 11:00:00 AM
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