This vinyl Superman figure was released by Mezco around 2011 as part of their Mez-itz line of collector vinyl figures. Rather than use a unique mold for each character as with traditional action figures, different characters are created through paint decoration rather than new sculpts which minimizes molding costs.
Mezco was founded in 2000 and is most famous for its production of Living Dead Dolls, a horror themed doll line.
Also available in this series was Darkseid. Mezco offered Batman, Joker, Green Lantern and Sinestro in 6″ format. They also released small-format 2″ high versions of these figures in two packs, as well as a Man of Steel Mez-itz Mini 3 pack with Superman, Jor-El, and General Zod.
I like Superman figures with unusual shapes and styles like this one, but I think Funko’s Pop line of licensed character vinyl figures are much nicer.