Igor Zyuzin has unpledged 40.2% of Mechel’s shares

Igor Zyuzin, who owns 67.42% of the deeply indebted Mechel (its net debt is $8.3 billion), has unpledged 14.35% shares of the company. According to the Kommersant, a large part of this package was pledged on a Uralsib loan. The State-owned banks - the lenders to Mechel, on which more than a half of the debt falls, insist on its conversion into capital of the company. Perhaps Mr. Zyuzin releases the pledges trying to protect himself from unfriendly actions, analysts say.

The principal owner and chairman of the Mechel’s Board of Directors Igor Zyuzin has unpledged another 14.35% of shares of his package of 67.42% of the shares, the company reported yesterday. Today, 27.22% of the shares are still pledged on the loans of the businessman. In April, Mr. Zyuzin unpledged 17.8% of the Mechel’s shares on VTB’s loan.