As for Stepanov, he has experience in anti-crisis work. In particular, he worked at Evraz during the period of low coal prices and the moment when the company was struggling with the consequences of the accident at the Raspadskaya mine in 2010.
According to Kommersant’s sources, Stepanov will be given the task not only to develop an anti-crisis plan, but also to keep the company’s market share amid the risk of manufacturers entering China from it.
The change of manager at the enterprise followed the loud statement by Kuzyuk about the threat of stopping work. Kuzyuk said at a meeting with employees in mid-June that the company could stop if it did not receive new orders. He said that this could happen in September. Kuzyuk also reported possible cuts among senior staff and support staff, but said that there were no plans to lay off the company.
These words led to a collapse in the value of the company’s shares. However, soon, on June 19, the main shareholders, businessman Mikhail Shelkov and Rostec (the corporation owns a blocking stake – 25% plus one share), refuted Kuzyuk’s statement, calling it “personal opinion”. “The suspension of the enterprise is not considered by shareholders. The statement of the interim acting director general Maxim Kuzyuk is not true, ”the shareholders said in a statement.
According to the company’s website, VSMPO-Avisma occupies 25% of the global titanium market and supplies products to 50 countries. In particular, the company provides titanium components for Boeing and Airbus.