) has appointed Oleg Korzhov as its new Chief Executive Officer
(CEO). Oleg Korzhov, who has served as the company's Senior
Vice-President for Economics and Management, succeeded Evgeny
Mikhel upon the latter's wish to leave the company.
Evgeny Mikhel served as the Chief Executive Officer since 2010.
The transition has been approved by the company's Board and came
into effect on Jan 1, 2014.
As the CEO, Evgeny Mikhel competently guided the company to
achieve greater heights through revised strategies. It is under
his able guidance that Mechel completed key investment projects
and sold most of its non-core assets.
Oleg Korzhov has been associated with Mechel since 2005 by
holding various positions at different phases. Prior to joining
Mechel, he worked with the Evrazholding Company OOO at
Nizhnetagilsky Metallurgical Plant and Nikoremstroy OAO.
Mechel is a leading domestic steel and coal producer with
strong positions in key businesses, including production of
specialty steel and alloys. It has the largest coal reserve base
in Russia and is mainly focused on growth and cost-cutting
Mechel owns and controls essential infrastructure; including
ports, rolling stock and power plants; which provide access to
the export markets. However, high debt and interest burden may
affect Mechel, and it might not be able to support its huge
capital spending program.
Mechel currently retains a Zacks Rank #4 (Sell).
AK STEEL HLDG (AKS): Free Stock Analysis
ARCELOR MITTAL (MT): Free Stock Analysis
MECHEL OAO ADS (MTL): Free Stock Analysis
CIA SIDERUR-ADR (SID): Free Stock Analysis
To read this article on Zacks.com click here.
Some better-ranked stocks in the steel industry include
Companhia Siderurgica Nacional
AK Steel Holding Corp.
). While ArcelorMittal and Companhia Siderurgica hold a Zacks
Rank #1 (Strong Buy), AK Steel carries a Zacks Rank #2 (Buy).