Mechel receives permission to retain listing in New York

MOSCOW. May 18 (Interfax) - The Russian government commission for overseeing foreign investments has approved Mechel's application to continue listing its depositary receipts outside Russia, the mining and steel company said in a statement.

ADRs for Mechel's ordinary shares are traded on the New York Stock Exchange, with one ADR being equal to two shares. The company's preferred shares, ADS, are also placed in New York, with one ADS being equal to one-half of a preferred share.