Mechel OAO (MTL), Russian mining and metal company, announced the decision of the company's Board of Directors to authorize the buy back of up to $100 million of ADRs representing Mechel OAO's common shares.
The company stated that the repurchases will be made in open market or privately negotiated transactions from time to time, subject to market conditions, applicable legal requirements and other factors. The buyback will be done on behalf of Skyblock Limited, Mechel OAO's 100-percent owned subsidiary.
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