Bloomberg reported that OAO Mechel, Russia largest coking coal producer may move an initial public offering of its coal and iron-ore mining unit to New York next year after delaying a planned USD 2 billion sale in London in September.

Three people with knowledge of the matter said declining to be identified because the information is confidential that the deal may take place in April or May. No decision has yet been made. Mechel press office declined to comment.

People said at the time that the IPO of OAO Mechel-Mining, as the unit is called was the largest sale planned in Russia metals and mining industry this year. The plan was delayed in September because of Europe’s debt crisis and after global stock markets declined.

Mr Dmitry Smolin Uralsib Capital analyst said “New York offers higher trading volumes than London. If that is the target and than it makes sense.”

He said that Mechel may take advantage of the fact that US investors already know the company. Mechel is the only Russian metals and mining producer listed on the New York Stock Exchange in a 2004 IPO.

The unit may become the first Russian company to sell shares in New York since the sale of Yandex NV, owners of Russia most popular search engine raised USD 1.4 billion in May on the Nasdaq Stock Market.

(Sourced from Bloomberg)