NYSE starts Mechel delisting procedure

MOSCOW. Dec 8 (Interfax) -The New York Stock Exchange has notified Mechel that it has started proceedings to delist the Russian coal and metals producer's ADRs.

Trading in the company's securities has been halted since February 28, 2022 and will now be suspended immediately, Mechel said in a statement.

"NYSE has determined that the company's securities are not suitable for listing in light of the announcements by Deutsche Bank, the depositary under the company's ADR programs, of its intention to terminate the deposit agreements for the company's securities effective as of December 7, 2022," Mechel said

Application to the Securities and Exchange Commission to delist the company's securities is pending, subject to the completion of applicable procedures, including any appeal by the company of NYSE decision.