PJSC Mechel: Mechel Reports Management Changes

Rhea-AI Summary

Mechel PAO (MOEX:MTLR) has appointed Vladimir Osokin as the new Deputy Chief Executive Officer for ecology and environment protection—a newly established role. Previously an advisor to the CEO, Osokin will oversee modernization of production facilities and ecological programs. The company is investing over 13 billion rubles in environmental protection at its Chelyabinsk facilities. CEO Oleg Korzhov emphasized that this appointment reflects Mechel's commitment to ecological safety and high environmental standards across its operations.

Positive

• Appointment of Vladimir Osokin as Deputy CEO for ecology enhances management focus on environmental issues.
• Investment of over 13 billion rubles in ecological programs at Chelyabinsk facilities signals commitment to sustainability.

Negative

• Creation of a new top management post may indicate previous management structure lacked sufficient focus on ecological matters.
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MOSCOW, RUSSIA / ACCESSWIRE / February 17, 2021 / Mechel PAO (MOEX:MTLR)(NYSE:MTL), one of Russia's leading mining and steel companies, reports Vladimir Osokin's appointment as Deputy Chief Executive Officer for ecology and environment protection.

This is a newly created post in Mechel's structure. Prior to his appointment, Vladimir Osokin worked as an advisor to Mechel's Chief Executive Officer. In his new position, he will oversee a wide range of issues concerning modernization of the Group's production facilities, implementation of ecological programs and modern methods of managing environment protection measures, using best available practices in this area, as well as overall control of Mechel Group's Environment Policy.

"As we are working systematically to improve the level of our ecological safety, it is quite logical that we are creating a top management post heading this line of work. Today Mechel is implementing a sweeping environment-protection program at its Chelyabinsk facilities, with investment topping 13 billion rubles in the next few years. Major ecological projects are also implemented in other regions of our company's presence. I am confident that Vladimir's experience and professionalism will help us tackle all these issues on schedule, decrease ecological risks and comply with high standards of ecological efficiency," Mechel PAO's Chief Executive Officer Oleg Korzhov commented.

Prior to his appointment, Vladimir Osokin acted as advisor to Mechel's Chief Executive Officer. In 2009-2018, he held several top posts in The Ministry of Natural Resources and Environment of the Russian Federation. In 2006-2009, he was deputy head of Russia's Federal Forestry Agency.

Mr. Osokin graduated Bratsk Industrial Institute with a specialty in "Electrical supply of industrial facilities, cities and agricultural facilities". He also graduated Krasnoyarsk State University with a degree in law.

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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

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https://www.accesswire.com/630212/PJSC-Mechel-Mechel-Reports-Management-Changes

FAQ

What is the significance of Vladimir Osokin's appointment at Mechel (MTL)?

Vladimir Osokin's appointment as Deputy CEO for ecology indicates Mechel’s enhanced focus on environmental protection and sustainability.

What investments is Mechel making in ecological programs?

Mechel is committing over 13 billion rubles to environmental protection initiatives, particularly at its Chelyabinsk facilities.

What are the responsibilities of the new Deputy CEO for ecology at Mechel?

The Deputy CEO will oversee modernization of production facilities and implement ecological programs, ensuring compliance with high standards of environmental efficiency.

How does the new management role reflect on Mechel's environmental strategy?

The new management role underscores Mechel's commitment to improving ecological safety and implementing comprehensive environmental initiatives within the company.