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CFO of Russian coal and steel group Mechel to leave
May 24, 2016 / 3:56 PM / 2 years ago

CFO of Russian coal and steel group Mechel to leave

MOSCOW, May 24 (Reuters) - Andrey Slivchenko, chief financial officer of Mechel, is to leave following the expiry of his two-year contract, the Russian coal and steel producer said in a statement on Tuesday.

“We are deeply grateful to Andrey Slivchenko for his huge contribution into our efforts on stabilising the company’s financial situation,” Mechel’s Chief Executive Officer Oleg Korzhov said in a statement.

The mining company, controlled by businessman Igor Zyuzin, borrowed heavily before Russia’s economic crisis and has struggled to keep up repayments on its debts as demand for its products weakened alongside tumbling coal and steel prices.

Mechel reached agreements in principle to restructure $5.1 billion of debt with creditors including Russian banks Sberbank , Gazprombank and VTB in February, but has since struggled to get approval from shareholders.

A company spokeswoman said a decision on Slivchenko’s replacement would be taken in the near future. (Reporting by Svetlana Burmistrova; writing by Katya Golubkova. Editing by Jane Merriman)

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