×

Mechel Reports Changes in Management

MOSCOW, March 17, 2016 (GLOBE NEWSWIRE) -- Mechel OAO (NYSE:MTL) (MOEX:MTLR), a leading Russian mining and metals company, reports that Alexey Ivanushkin is leaving his post of Mechel OAO’s First Deputy Chief Executive Officer.

The post of the company’s First Deputy Chief Executive Officer will be discontinued and its functions redistributed among other management board members.

“Alexey Ivanushkin has been working for Mechel since its founding day. In different times, he was in charge of the most critical issues — preparing for IPO, running steel and ferroalloy assets, managing mergers and acquisitions. I am sincerely grateful to him for his immense contribution to Mechel’s development and I respect his decision to leave the company after completing the hardest part of negotiations with lender banks on our debt restructuring to pursue his own projects. Alexey Ivanushkin will continue working in the company’s Board of Directors for several months more to ensure smooth transition of managerial powers and credentials,” Mechel OAO’s Chief Executive Officer Oleg Korzhov noted.

Prior to his appointment as Mechel OAO’s First Deputy Chief Executive Officer in 2014, Alexey G. Ivanushkin has been working as the Chief Executive Officer of Oriel Resources Ltd (part of Mechel Group) from 2009 to 2014. He served as Mechel’s Chief Operating Officer from 2004 to 2009. From 2003 to 2004 Mr. Ivanushkin held the position of Mechel Steel Group OAO Chief Executive Officer. From 1999 to 2002 Mr. Ivanushkin served as the Chief Executive Officer of Chelyabinsk Metallurgical Plant. From 1993 to 1999 he was employed as the Director of the Department of Ferrous Metals and Ferroalloys in the Moscow office of Glencore International AG.

Mr. Ivanushkin has a degree in economics and international relations from the Moscow State University of International Relations (MGIMO).

Mechel is an international mining and steel company which employs over 67,000 people. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.

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.

Mechel OAO Ekaterina Videman Tel: + 7 495 221 88 88 ekaterina.videman@mechel.com

Source: Mechel OAO