Moscow, Russia – May 22, 2006 – Mechel OAO (NYSE: MTL) has announced that Igor Zyuzin, Chairman of the Board, has increased his stake to a controlling interest.
Through a series of private transactions, Mr. Zyuzin, Chairman of the Board, has increased his stake to 52.2%, in line with a previously announced agreement to buy out shares from Mechel’s current CEO, Mr. Vladimir Iorich.
Mechel’s free float is currently 23%, representing the largest free float among Russian mining and steel companies.
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