Mechel Faces Investor Risk Aversion
Mechel (MTL.N), Russian premier Coking coal and steel producer raised only $229 million and caused marred issuance due to market turmoil.
The press release is quoted as saying:
The sale was for 30.50 million preferred American Depository Shares (ADS) and was priced at $7.50 per preferred ADS, the company said. That is well below the initial price range of $10.50 to $13.80. A fund manager mentioned, “Nervous investors started to cancel their orders and they (Mechel) had to react. “They reduced the size of the placement.”
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Fri, May 7, 2010
Post by Mike Rodger, Coal Reporter