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. Last Updated: 07/27/2016

Mechel's Zyuzin Pledges 38% of Shares

Mechel owner Igor Zyuzin has pledged almost 38 percent of his shares as collateral against "certain financing," the coal and steel producer said in a filing to the U.S. Securities and Exchange Commission.

Bellasis Holdings, Dalewave and Armolink, which are Cyprus-registered companies controlled by the billionaire, have pledged a total of 157.9 million Mechel shares, Mechel said in the regulatory filing, dated June 19. The company did not give details of the financings.

Zyuzin owns 66 percent of Mechel via the three companies, the filing said. He gained control of Mechel in 2006 after co-founder and former chief executive Vladimir Iorich left the company and sold his shares.

Previously, the two men each controlled 42 percent of Mechel. The company declined to comment on "its shareholders' private transactions."