Mechel, one of the leading Russian mining and steel groups, has announced the launch of a public offering by the US-based Justice family, the selling shareholders, of preferred shares of Mechel.
Accordingly, the selling shareholders propose to offer up to 26 million preferred shares to Russian and international investors.
Mechel has applied for admission of the preferred shares to trading on Moscow's RTS and Micex stock exchanges under the symbol MTLRP.
Morgan Stanley & Co. Incorporated, Renaissance Securities and VTB Capital have been hired to organize the sale.
The Justice family owns Mechel's shares since May 2009, when they sold Bluestone Coal's coking coal assets in West Virginia to Mechel for $436 million in cash and 83.3 million preferred shares.