January 16, 2018 / 3:27 PM / a year ago

Head of Russian steelmaker NLMK to step down

The logo of the NLMK Kaluga steel mill is seen on their building in Vorsino outside Kaluga, Russia, July 21, 2016. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - The head of Russian steelmaker NLMK (NLMK.MM), Oleg Bagrin, is to step down and shareholders will elect his successor at an extraordinary meeting on March 12, the company said on Tuesday.

NLMK, one of Russia’s biggest steelmakers and controlled by billionaire Vladimir Lisin, told Reuters in an email that Bagrin, who has been president since 2012, had initiated the move.

A source close to NLMK told Reuters that Grigory Fedorishin, NLMK’s senior vice president, was seen as the likely candidate to replace Bagrin as president at the March meeting.

NLMK declined to comment on the candidate.

Fedorishin was NLMK’s vice president for finance from 2013-2017 and was its strategy and business development director from 2011-2013.

Bagrin was appointed president in 2012 when NLMK sought to reduce its debt and boost profit margins after expanding its production capacity.

Bagrin and his team drew up NLMK’s 2017 strategy, which had now been carried out as planned, the company said. It did not say when Bagrin would leave his post.

Reporting by Anastasia Lyrchikova; Writing by Polina Devitt; Editing by Susan Fenton

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