OREANDA-NEWS. November 10, 2014. Mechel (NYSE: MTL), one of the leading Russian mining and metals companies, reports receiving notice from the New York Stock Exchange (NYSE) that Mechel American Depositary Receipts (ADRs) are no longer compliant with the listing’s standards requiring that an ADR’s average closing price over 30 consecutive trading days must not be lower than 1 US dollar.

According to NYSE rules, Mechel has six months from the date of its receipt of the NYSE notice to bring its shares price in compliance with the listing’s standards. During this period, the company’s shares will be traded at NYSE.

In case price for ADRs on Mechel  ordinary shares remains less that 1 US dollar over the period stipulated by NYSE, the company will use its right to change the ADR to ordinary share ratio. This will automatically bring the price for an ADR for ordinary shares into compliance with NYSE standards. Currently one ADR corresponds to one ordinary share.

Until average monthly price for ADRs on Mechel ordinary shares go back to the level not less than 1 US dollar, Mechel  ADRs will be traded at NYSE, but will be assigned <.BC> suffix.