Mechel PAO (NYSE:MTL) agreed to acquire an additional 34% stake in Elga Coal Project from Gazprombank (Joint-stock Company) for RUB 30 billion on September 30, 2019. Post acquisition, Mechel PAO will hold 85% stake and Gazprombank (Joint-stock Company) will hold 15% stake in Elga Coal Project. Mechel PAO (NYSE:MTL) cancelled the acquisition of an additional 34% stake in Elga Coal Project from Gazprombank (Joint-stock Company) on January 21, 2020. Mechel failed to exercise its pre-emptive right to buy the bank’s 34% stake in the Elga coal project. Mechel failed to pay on time for the stake in Elga.