Unnamed sources told Interax-Ukraine that the majority Zaporizhstal shareholder did not appear at the company's shareholder meeting. An extraordinary general meeting of shareholders in OSJC Zaporizhstal scheduled for September 2, 2010 failed to be held due to a lack of quorum.

A well-informed source told Interfax-Ukraine that the shareholders who own a total of 99% of the shares in the company postponed the meeting.

"This was the reason why the meeting of shareholders scheduled for September 2, failed," he said.

He said Russian shareholders in Zaporizhstal initiated the postponement of the meeting, as they do not see the need for holding a meeting now. He said that the new shareholders understand the mill's development plan, as well as the goals and challenges the company faces this crisis year.

As reported, at the meeting, the shareholders in Zaporizhstal planned to increase its statutory fund by 20%, or UAH 132.184 million, to UAH 793.104 million through an additional issue of 528.736 million shares with a face value of 25 kopecks each.

The subscription for shares was planned in two stages – from October 1 to October 15 and from October 16 to October 17, 2010.