Mechel appoints a new Chief Financial OfficerMoscow, Russia - September 29, 2005 – Mechel OAO (NYSE: MTL) announces the appointment of Alex Polevoy as its Chief Financial Officer. Alex Polevoy will start his new position on October 1, 2005.
As CFO, Alex Polevoy will be responsible for the development strategy of Mechel’s financial department, financial planning, US GAAP reporting, implementation of internal controls, integration and unification of Mechel’s subsidiaries operations, and operational management of the financial division.
“We are very happy that our team is joined by a high-level professional, experienced in working in major international companies that have large-scale operations. We hope that his expertise and competence will allow Mechel to successfully implement its strategy of financial development and to further strengthen its market position,” Mechel’s CEO, Vladimir Iorich, commented on the appointment.
“I am thankful that I have the opportunity to work in such a dynamic and successful company, which has made significant strides in a relatively short period of time, managing to become the first Russian NYSE-listed company in the industry, and compliant with the strict requirements applicable for public companies. I hope that my work will enable Mechel to reach new heights in the future,” said Alex Polevoy.
2001 – 2005: TNK, TNK–BP, Director, Corporate Audit; Head of Monitoring and Control Group, Audit Committee of the Board of Directors. In this capacity, Alex Polevoy managed development of internal audit and risk management system, was in charge of restructuring and performance improvement projects, implementation of financial reporting and planning systems, and the development of corporate governance system.
1999 – 2001: Yukos EP (Exploration and Production), Vice President – Finance. In this capacity, Alex Polevoy managed the introduction of planning and financial reporting systems, long-term performance improvement strategy development, and corporate restructuring program.
1993 – 1999: Alex Polevoy held executive positions in finance in Canada with ZCL Composites, in the mining and oil service industry with Central Asia Goldfields and International Energy Services.
Alex Polevoy graduated from Northern Alberta Institute of Technology with a degree in Finance and Accounting, and MacGill University with a degree in Advanced Financial Accounting and Management Financial Accounting.
Alex Polevoy is a Member of the Institute of Internal Auditors, New York
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Mechel is one of the leading Russian mining and metals companies. Mechel unites producers of coal, iron ore, nickel, steel, rolled products, and hardware. Mechel products are marketed domestically and internationally.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.<