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Mechel Steel: Mining For Profits In Russia.(B)(NYSE STOCKS IN THE NEWS)
Byline: Christina Wise
Mechel Steel Group debuted on the New York Stock Exchange last October at 29 a share, climbed to 33.27, then fell into a six-week consolidation.
In April, it tried to move to higher ground, but instead dropped back into its base. It finished Friday 17% short of its April 8 high.
The Russian firm produces coal, iron ore, nickel, steel, steel products and hardware.
In April, Mechel acquired a 90% stake in Port Kambarka, one of Russia's largest river ports. In January, it bought a 25% interest in OJSC Holding, a coal mining company in the Sakha Republic, or, Yakutsk.
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