Moscow, Russia — December 29, 2015 – Mechel OAO (MICEX:MTLR, NYSE: MTL), one of the leading Russian mining and metals companies, announces a ratio change to its NYSE-listed American Depositary Receipt (“ADR”) program from the current one (1) ADR per one (1) ordinary share to one (1) ADR per two (2) ordinary shares.
The change is aimed to bring the ADR price into compliance with the NYSE listing’s standards requiring that an ADR’s average closing price over 30 consecutive trading days must not be lower than 1 US dollar. The anticipated effective date for the ratio change is January 12, 2016. The ADRs for preferred shares remain unchanged.
On the close of the business day prior to the ratio change taking effect, ADR holders will receive one (1) new ADR for every two (2) ADRs held. Any resulting fractional ADRs will receive cash compensation. No action is required by ADR holders.
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