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Vladimir IorihOwner of the metallurgical company <Mechel>
Country:
 Russia |
Content:
- Vladimir Yorich: From Metallurgical CEO to Dollar Billionaire
- Partnership with Igor Zyuzin
- Shareholding Increases
- Forbes' Recognition
- Public Disclosure for Listing
- Mechel's Holdings
- Financial Concerns
Vladimir Yorich: From Metallurgical CEO to Dollar Billionaire
Rise to ProminenceVladimir Yorich, the CEO of Russian metallurgical giant Mechel, has recently emerged as a dollar billionaire. The official biography of Yorich reveals that he led Mechel Trading AG from 1995 to 2004 and has over two decades of experience in various sectors of the coal mining industry.
Partnership with Igor Zyuzin
Yorich's billionaire status was confirmed when Mechel publicly declared that he and company chairman Igor Zyuzin were its equal owners. Each executive holds a 47.8% stake in the metallurgical group. With Mechel's estimated value of $265 billion, both Zyuzin and Yorich have a net worth of $1.1 billion each.
Shareholding Increases
A month prior, financial reports indicated Zyuzin owned 36% of Mechel's shares and Yorich held 31%. It is speculated that both executives either increased their shareholdings or disclosed the true ownership of shares previously held through offshore firms.
Forbes' Recognition
Forbes magazine had previously acknowledged Zyuzin's ownership in its list of Russian billionaires, estimating his wealth at $161 billion. However, Yorich's wealth was initially valued by Forbes at a mere $540 million. His newfound billionaire status is therefore considered a noteworthy revelation.
Public Disclosure for Listing
Mechel's decision to list its shares on the New York Stock Exchange necessitated the disclosure of its true owners. According to listing requirements, companies seeking public offerings must reveal their ownership structure. Consequently, Mechel published the names of its owners on the U.S. Securities and Exchange Commission (SEC) website.
Mechel's Holdings
The Mechel Group's foundation lies in the Chelyabinsk Metallurgical Plant. It also holds controlling stakes in the Korshunovsky Mining and Processing Plant, the Yuzhny Kuzbass coal company, and the Port of Posyet.
Financial Concerns
Despite its expansion, Mechel has faced concerns from analysts regarding the low profitability of its primary asset, the Chelyabinsk Metallurgical Plant. In the first quarter of 2021, its profitability dipped to 1.4%, significantly below the industry average of 15%.
