Yukos Memories Haunt Mechel

LONDON - Russian Prime Minister Vladimir Putin's scathing criticism of Russian coal and steel producer Mechel triggered fears Friday that the company could become the next Yukos. Shares in Mechel (nyse: ) lost nearly a third of their value, to close down 27.7%, at 599.90 rubles ($25.65), in Moscow on Friday, after Putin launched an attack on the company and its billionaire chief executive, Igor Zyuzin at a meeting late on Thursday. Putin accused Mechel of selling raw materials for twice the price at home as it does abroad, and called on Russia's antitrust regulators to pay "special attention to this problem." The news dragged Russian markets lower on Friday, with the MICEX Index closing down 5.5%, in Moscow, and the Market Vectors Russia (nyse: ) exchange-traded fund down 2.3%, in early afternoon trading in New York. Putin's... [read full story]