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.