Moscow Exchange switches Mechel trading to discreet mode

MOSCOW, Feb 19 (PRIME) -- The Moscow Exchange has switched trading of preferred shares of metals and mining group Mechel into a discreet auction mode after they soared by over 20% within 10 minutes on Thursday, the bourse said in a statement.

On Wednesday, Mechel said it had closed a deal to sell U.S.-based unit Mechel Bluestone, including its mining plants, to a company owned by the Justice family. Under the sale agreement, Mechel will receive a U.S. $5 million immediate cash payment and royalty payments on coal mined and sold in an amount of $3 per tonne.

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