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Basic Materials Sector Review: Aluminum Supplies, Mechel OAO Work Halted

February 11 2012 Tweet Email This

Mechel OAO (NYSE:MTL) reports that work was temporarily halted at several facilities at New-Olzherassk mine which is part of Southern Kuzbass Coal Company. Following a check conducted by the Mezhdurechensk territorial branch of the Southern Siberian department of the Federal Agency for Ecological, Technological and Nuclear Monitoring, mining at New-Olzherassk mine was suspended by order of the Mezhdurechensk city court. As of now, work on meeting the monitoring agency’s requirements is almost complete. Mining at all of New-Olzherassk mine’s facilities is planned to be resumed shortly. Considering that production at the mine has been going ahead of schedule, the temporary halting will not affect Southern Kuzbass Coal Company’s meeting its operational commitments.

The shares closed at $10.68, down $0.78, or 6.81%, on the day. Its market capitalization is $4.45 billion.

BHP Billiton Ltd. (NYSE:BHP): Excess aluminum supplies will continue to be generated for “years to come,” according to Reuters. Responding to political pressure to preserve jobs, China and Russia will prevent or delay plant closures, the news service explained.

The shares closed at $77.10, down $2.52, or 3.17%, on the day. Its market capitalization is $205.23 billion.

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