MOSCOW, July 1, 2010 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL), one of the leading Russian mining and metals companies, announces that Mr. Igor Zyuzin, the core shareholder of the company, changed his position from the Chief Executive Officer to the Chairman of the Board of Directors.
Due to the final transformation of Mechel group's operational management into divisional structure and the recovery from the global financial crisis, Mr. Zyuzin leaves position of the CEO and returns to the post of the Chairman of the Board of Directors, which he held until December 2006.
According to the decision of the Board of Directors, Yevgeny Mikhel takes the position of Mechel OAO's CEO. Prior to this appointment Mr. Mikhel worked as the First Deputy CEO of Mechel OAO from April 2009. Before that, from September 2007 he served as Mechel OAO's Vice-President for Legal Matters and Director of the Legal Department. Earlier, since July 2003 he was Director of the Department of Judicial Protection and Legal Regulation of Mechel OAO. Since July 2002 he was Director of the Legal Department of Mechel Trading House OOO. Starting from October 2000 Yevgeny Mikhel worked as Head of the Department of Litigation and Enforcement of Court Orders of Chelyabinsk Metallurgical Plant. He graduated from the Urals State Law Academy.
Mechel is one of the leading Russian companies. Its business includes four segments: mining, steel, ferroalloy and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, ferrochrome, ferrosilicon, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.