Russia’s Leading Coal Producer Could be Going Under

Though some may have seen it coming for awhile, Russia’s Mechel (NYSE:MTL) is reportedly heading straight for bankruptcy, according to a report from Forbes. The miner’s stock dropped roughly 31 percent on the New York Stock Exchange on Monday to hit $1.05.

As quoted in the publication:

Economic Minister Alexei Ulyukayev said Friday that the debt-ridden Mechel’s bankruptcy was now “inevitable”. Mechel is Russia’s leading coal producer.

Ulyukayev told reporters in Egypt that attempts to restructure Mechel’s $6 billion debt had failed. He said Mechel was unable to find a white-knight to buy the company. “Unfortunately, the recent developments clearly show that no other options but bankruptcy are left,” Ulyukayev said.

Click here to read the full report from Forbes.