OREANDA-NEWS. On August 04, 2009 Authorities in the Chelyabinsk region announced having found a strategic partner for bankrupt Zlatoust Metallurgical Plant (ZMZ), and this strategic partner is Mechel, reported the press-centre of FINAM.

Neither Mechel, nor Estar, a holding company for ZMZ, have commented on the potential partnership. However, Rashid Nugumanov, a former Mechel executive, was appointed as ZMZ’s general director.

Chelyabinsk regional authorities took complete control of the situation at ZMZ after the plant’s employees went on a hunger strike in March 2009, demanding that wage cuts be halted. In addition, regional executives have repeatedly said that ZMZ, one of the oldest steelmaking plants in Russia, needs an efficient new owner.

The Chelyabinsk governor’s press service reported that the regional administration was about to enter into a trilateral strategic partnership agreement with Chelyabinsk Metallurgical Plant, part of Mechel, and ZMZ. “ZMZ needs a strong strategic partner. We have considered several different options, but finally picked Chelyabinsk Metallurgical Plant. Today, this is the best option for both ZMZ and the regional economy”, the press service quoted Chelyabinsk governor, Pyotr Sumin, as saying.