6.5 bil Moscow-Kazan High Speed Rail Project gets funding and green light. Lets See who just completed a 785 mil plant to produce High Speed Rail Tracks and were certified by EU. Mechel. The future is getting brighter everyday for Mechel.
Individual common shareholders of ADR should be getting their voting packet as I received mine on Saturday. Great news you can VOTE ONLINE via proxyvote. Your control number is on the back of your voting form ,its a 15 digit number next to the cusp number. You must vote "FOR" on the 1st question to be able to vote online, As you know every vote is important . Any questions contact the phone number given, But it was very easy and straight forward.
Look for 60% upside for MTL and 40% for Russia in general. Once debt restructuring finalizes in end of May Mechel will become investment grade again, allowing Index Funds as well as Mutual Funds to put Mechel in their portfolio. Many funds are restricted to invest in Russia while the sanctions are in place.
News of Sberbank passing on 474mil of current and problematic debt to Gazprombank is great news for the future of Mechel. Sberbank was always the one pressing for more difficult options for Mechel. Gazprombank has had a more workable approach to dealing with debt restructuring. This is great news, now Russia Development bank can release the 350mil grant due Mechel, but held up till Sberbank was dealt with. FINALLY
If so it will be a secured loan, with buyback provisions in the future. At today's prices my guess is 2.5 bil us dollars.
Reuters reported Friday that Mechel will sell a interest in Elga project to Gazprom bank and use the funds to pay Sberbank debt, Looks like its a secured loan to help bridge the company till new deal is finalized. Great news is Russia, steel and iron ore are all appreciating in value the last month. Could be more strategic investors are looking to partner with Mechel if the sector is in recovery phase.
Proxy services didn't allow enough time, people received the proxy and it needed to be in a week later by MAIL only. no internet voting, there's probably tons of votes sitting in the mail box after the 2/25 deadline. They should've just delayed the meeting for 2 weeks to get all the votes counted.
Read Russian far east development fund will disburse grant money to Mechel of 300 mil US dollars only after deal is struck with lenders. This money was part of the governments program to develop far-east of the region of Russia for commerce and development.. They must have a plan to pay Sberbank or they wouldn't have proposed it. Its been a long process, but the outlook looks positive.
It came priority 2nd day air, and dropped at my side door, If you haven't gotten yours by now call the phone number listed in press release.