Moscow, Russia – January 17, 2007 – Mechel OAO (NYSE: MTL), has announced that Igor Zyuzin, Mechel’s Chief Executive Officer, acquired Mechel Chairman of the Board Vladimir Iorich's stake in the company in accordance with the previously announced agreement between shareholders.
Through a series of private transactions Mr. Zyuzin increased his stake in Mechel to 71.62% as of December 31, 2006. These transactions were carried out in full accordance with the agreement between core shareholders regarding Igor Zyuzin's acquisition of Vladimir Iorich's stake in Mechel OAO. Thus the agreement was completely and timely observed. As a result of the completed transactions, Vladimir Iorich no longer holds shares in the company.
Since December 2006 Vladimir Iorich has held the position of the Chairman of Mechel's Board of Directors. Mechel’s free float currently exceeds 23% of its total shares outstanding.
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