Mechel, Russia’s first steel group to launch a foreign share offering, announced that Vladimir Iorich will sell his 42.2 percent stake in the company and he will also give up his position as ceo. This was announced on the same day as the company released production figures for 2005. Crude steel output for the year was down 5 percent from the previous year totaling 5.9 million tons. Long and flat product output was down 9 and 6 percent respectively. However, Mechel’s iron ore concentrate production saw a big rise thanks to the continuing upgrade of the Korshunov Mining Plant. Production totaled 4.5 million tons showing a 17 percent rise. Mechel board chairman Igor Zyuzin will buy Iorich’s Mechel stake. The company’s current coo Alexei Ivanushkin will take over as ceo in the coming year. (Feb. 13)