Mechel (MTL) NewsBite - MTL Rises on New Supply Contract

Posted: Thursday, June 25, 2009 12:12 PM EDT

(NYSE: MTL) opened at $7.76. So far today, the stock has hit a low of $7.55 and a high of $8.67. MTL is now trading at $8.60, up $0.41 (5.01%). Over the last 52 weeks the stock has ranged from a low of $2.56 to a high of $50.18. Shares of MTL are trading higher today after the company announced the signing of multiple contracts for coking and steam coal supplies to Chinese, Japanese, and South Korean companies. MTL says the contracts will allow the copmany to boost production at its coal mining facilities. Technical indicators for the stock are and S&P does not currently have a STARS rating for MTL. If you are looking for a hedged play on MTL the stock seems like it could be a candidate for a July out-of-the-money bull-put credit spread below the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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