Mechel holds off on new share issue
Published: 08 August, 2008, 14:42
Steel group Mechel has postponed a proposed share issue indefinitely.
The company, which is also Russia's largest coal producer, has seen its stock recover half of a 60% drop which followed government criticism of its pricing policies.
The company had aimed to raise $2.5 billion next week, by issuing 55 million preferred shares.
However Prime minister Vladimir Putin's comments on the company's pricing policy and accusations of tax evasion cost the company $8 billion.
08.08.2008, 14:17
Tough week on Russian market turns worse on South Ossetia conflictThe Russian markets started off in the red at the beginning of the week, but made their way back up on Wednesday. However, Friday saw them sink to a new 22 month low – on the escalating conflict between Georgia and South Ossetia – w |
11.08.2008, 06:50
Russian Banking stands up to the global credit crisisIt’s hard to say exactly when the credit crunch began. The first cracks appeared in 2006 but central banks began taking measures only in August 2007. Since then Russian banking has been weathering the global storm as international banking giants have incu |
