Mechel (NYSE:MTL, NYSE:MTL.P) continues to seek a way to deal with its severe debt burden (8.4 LTM Net Debt/EBITDA). The company has no financial resources to continue developing its most promising investment project - the Elga deposit - and considers selling it. As for the stock, I wouldn't recommend jumping on the bandwagon as there are no fundamental reasons for that.
Losing A Dream
The debt burden is Mechel's biggest problem. Between 2004 and 2012, the management pursued a very aggressive policy of building a vertically integrated holding company. As a