Mechel Intends to Deregister and Terminate U.S. Reporting Obligations Under the U.S. Securities Exchange Act of 1934

On December 6, 2022, the New York Stock Exchange (the “NYSE”) notified Mechel PAO that it determined to commence proceedings to delist the two securities of Mechel — MTL ADR (each representing two common shares) and MTL PR ADR (each representing one-half of a preferred share) — from the NYSE. Trading in the company’s securities has been halted since February 28, 2022, and they were removed from listing as of January 3, 2023.

 

The NYSE determined that the company’s securities are not suitable for listing pursuant to Section 802.01D of the NYSE Listed Company Manual in light of the announcements by Deutsche Bank, the depositary under the Company’s ADR programs, of its intention to terminate the deposit agreements for the company’s securities effective as of December 7, 2022.

 

As a result, the Company intends to file a Form 15F with U.S. Securities and Exchange Commission (the “SEC”) on February 7, 2023 to deregister its common shares and preferred shares and terminate its reporting obligations under the Exchange Act. Thereafter, all of the Company’s reporting obligations under the Exchange Act will be suspended from the date of filing the Form 15F unless the Form 15F is subsequently withdrawn or denied. If, within 90 days after filing the Form 15F, there are no objections from the SEC, deregistration and termination of the Company’s reporting obligations under the Exchange Act will become effective.