Seeking Alpha

Mechel temporarily suspends operations at U.S. Bluestone mine

  • Russian coal miner Mechel (MTL +3.2%) says it has temporarily halting operations at its Bluestone mine in West Virginia, as spot prices for coking coal hit their lowest since 2007, making coal production at the mine unprofitable.
  • MTL says all work at Bluestone's mines and open pits are halted until market conditions improve, although washing facilities remain in operation.
  • MTL had been looking to sell Bluestone in a bid to lower its $9B-plus debt.
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