Bloomberg reported Mechel (NYSE:MTL) gave up two iron ore mining licenses in Siberia to focus on more efficient projects.

As quoted in the market news:

Korshunov Mining Plant, a Mechel (MTLR) unit, quit the Tatyaninskoe and Krasnoyarovskoe licenses because of a low iron content in the ore, Mechel said today in an e-mailed response to questions. The company will instead focus on developing new iron-ore deposits in Yakutia, home to the Elga coal field.

Click here to read the full Bloomberg report.