PJSC Mechel : Mechel Reports Change in Management

Rhea-AI Summary

Mechel PAO has appointed Andrey Pasynich as the new CEO of Mechel Mining Management Company, succeeding Igor Khafizov. Pasynich, previously the head of operations at Mechel Mining, aims to enhance the company's position in both domestic and international coal markets. He has substantial experience in the mining industry since 1989 and has received multiple awards for his contributions. Khafizov is recognized for his vital role in developing the mining division. The company focuses on a range of products, including coal and steel, across various global markets.

Positive

• Appointment of Andrey Pasynich as CEO may lead to improved operational effectiveness and market positioning.
• Pasynich has extensive experience in the mining sector, which may enhance management stability.

Negative

• Change in leadership could lead to operational disruptions during the transition period.

MOSCOW, RUSSIA / ACCESSWIRE / August 30, 2021 / Mechel PAO (MOEX: MTLR, NYSE: MTL), one of the leading Russian mining and metals companies, reports the appointment of Andrey Pasynich as chief executive officer of Mechel Mining Management Company OOO. He replaces Igor Khafizov who left the company.

"Andrey is a real mining professional, he proved it with his achievements. We now aim to consolidate Mechel's position on the domestic and international coal markets and use our mining facilities' potential, put in by the previous chief Igor Khafizov, to maximum efficiency. I sincerely wish Andrey success on this new position of trust.

"Igor Khafizov made an invaluable contribution to Mechel Group's creation as it is now, primarily the mining division's development. His energy, authority, versatile mind were the company's support and reliable prop in difficult times. On behalf of our team and myself personally, I would like to thank Igor for many years of fruitful work and wish him many more successes. May this new stage in his life be as fulfilling and fascinating, as his time in Mechel has been," Mechel PAO's Chief Executive Officer Oleg Korzhov commented.

Mechel Mining Management OOO is the company handling day-to-day supervision of Mechel Group's mining facilities.

Prior to his appointment, since 2019 Andrey Pasynich headed Mechel Mining Management's operations department. In 2016-2019, he was deputy technical director at Siberian Anthracite AO. In 2010-2016, he was technical director at Mechel's Yakutugol Holding Company. In 1989-2010 he worked his way up from mine overseer to director of Yakutugol's Neryungrinsky Open Pit.

Mr. Pasynich has been awarded with the Miner's Glory honorary badge of all three degrees and the title of Honorary Miner of the Republic of Sakha (Yakutia). He has also received a certificate of merit from the Republic of Sakha (Yakutia)'s Science and professional education ministry for his contribution to scientific development and merit in scientific research.

Andrey Pasynich graduated Moscow Mining Institute with a specialty in technology and integrated mechanization of open mining of fossil resources. He holds the degree of Candidate of Technical Sciences.

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Mechel PAO

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

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Mechel is an international mining and steel company. 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.

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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.

SOURCE: PJSC Mechel

View source version on accesswire.com:
https://www.accesswire.com/661938/PJSC-Mechel--Mechel-Reports-Change-in-Management

FAQ

Who is the new CEO of Mechel Mining Management Company?

Andrey Pasynich has been appointed as the new CEO of Mechel Mining Management Company.

What previous roles did Andrey Pasynich hold before becoming CEO?

Before his appointment, Pasynich was the head of operations at Mechel Mining and held positions at Siberian Anthracite and Yakutugol.

What impact might Andrey Pasynich's leadership have on Mechel's market position?

Pasynich aims to strengthen Mechel's position in domestic and international coal markets.

Who did Andrey Pasynich replace as CEO?

He replaced Igor Khafizov, who left the company.