Mechel ADR listing in New York cancelled

MOSCOW. Jan 9 (Interfax) - The listing of Russian steel and coal group Mechel's American Depositary Receipts on the New York Stock Exchange was cancelled on January 3.

NYSE trading of ADRs representing Mechel's common and preferred shares was suspended on December 6, 2022. The exchange ruled that the company's ADRs no longer comply with listing rules, since Deutsche Bank announced plans to terminate the depository agreements for them.

Mechel had the option to appeal the NYSE ruling but did not exercise it, the exchange said at the end of December.

Mechel ADRs representing common shares were listed on the NYSE in 2004 and ADRs representing the company's preferred shares were placed in New York in 2010.

Russian businessman Igor Zyuzin and members of his family control 51.54% of common shares in Mechel.