After Vladimir Putin’s criticism, Igor Zyuzin took action to improve his standing and reputation with the government and government officials. More specifically, he participated in a project in 2009 to save the Zlatoust Steel Plant, which had fallen on hard times. However, the project, widely cited as an “example of excellent social responsibility,” was ultimately a failure, and in 2013 companies controlled by Zyuzin initiated bankruptcy proceedings against the plant. Zyuzin received new criticism for this from the Russian media.
Mechel disclosed in June 2009 that more than half of Zyuzin’s stake in Mechel — 37.9% out of 66% — was pledged as security to bank loans. After this Mechel’s debt continued to grow rapidly. The company’s net debt stood at US$9.1 billion as of September 30, 2012. By year-end 2013, Zyzin had lost most of his fortune after a steep decline in Mechel stock price. Forbes named this loss the “fiasco of the year,” estimating Zyuzin’s fortune as of December 3, 2013 at no more than US$300 million, or a mere 2 per cent of the peak value. By late November 2013, banks held lien for 88% of Zyuzin’s entire Mechel stake.