The major shareholders of Mechel JSC, metallurgical company of Chelyabinsk, decided to allow Chair of the Board Igor Zyuzin to buy a 42.2% share holding from GD Vladimir Iorikh within the next 12 months, the company’s spokesperson said to UrBC representative.

Mr Zyuzin has been considering different options to cover these expenses, for example, stock exchange operations and strategic partnership. Regardless of the source of his purchase money, he is to keep at least 51% holding in Mechel joint stock.

Meanwhile, Mr Iorikh will be gradually delegating his liabilities to the current Executive Director Alexei Ivanushkin throughout the year. The latter has held his post since January 2004 and has been Member of the Board since March 2003. Mr Ivanushkin had also been the company’s General Director throughout March 2003 to January 2004. In the months of December 1999 to April 2002, he was working as the GD of Metallurgical Industrial Complex of Chelyabinsk, Mechel’s major part.

For the next transitional 12 months, Mr Iorikh will serve as GD and Member of the Board and Mr Zyuzin will still be the Chairman.