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Mechel OAO Message Board

  • palmt4ee palmt4ee Oct 4, 2013 10:55 AM Flag

    Mechel OAO (MTL) Approves $100M ADR Buyback Program

    Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces the decision of the company's Board of Directors to authorize the buy back of up to $100 million of ADRs representing Mechel OAO's common shares.

    These repurchases will be made in open market or privately negotiated transactions from time to time, subject to market conditions, applicable legal requirements and other factors. This plan does not obligate Mechel to acquire any particular number of ADRs and the plan may be suspended at any time at the company's discretion. The buyback will be done on behalf of Skyblock Limited, Mechel OAO's 100-percent owned subsidiary.

    Sentiment: Buy

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