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Mechel ADRs drop 15.5% on NYSE after Putin criticism
The American Depository Receipts (ADRs) of Russian metals company Mechel fell almost 15.5% on the New York stock exchange on Thursday after criticism by the Russian premier of the company's sales policies and its owner's activities.
At a conference on metallurgy in the Volga area city of Nizhny Novgorod, Prime Minister Vladimir Putin asked the Federal Antimonopoly Service (FAS) and the country's top prosecutors to pay special attention to the company, which sold commodities abroad at prices twice as low as domestic and global ones in the first quarter of 2008.
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Joined: Sep 27, 2007
Comments: 1759
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Federal Antimonopoly Service should do their work, otherwise prosecutors should be send to FAS to examine their work.
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