Mechel, Russia’s biggest producer of coking coal, has postponed raising about $2 billion by selling shares in a mining division, Bloomberg reports. The deal has been delayed because of unfavorable market conditions.

The Moscow-based company had proposed selling a stake of between 10 percent to15 percent of Mechel Mining early this year in London or Hong Kong. JPMorgan Chase & Co., Morgan Stanley and UBS were to manage the offering for Mechel.

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