Investor relations26 Feb 2014 18:59
I have just received the e-mail below, after I enquired about the lack of communication and continuous share price falls. To me this seems quite positive I am looking forward to a big bounce in the first half of the year.
thank you for your letter.
we understand that the share price performance was somewhat frustrating over the last period.
however we believe the management is doing the proper job on the restructuring of the business and making it stronger to withstand the volatility in the steel market. Our most recent production results published in January 2014 confirm that the company is operating in the stable mode, and despite some price deterioration there were no major adverse events.
the reduction of the headcount is being driven by the disposal of certain assets and deconsolidation of these subsidiaries. It shall be considered rather in the positive light.
at the moment we are preparing our annual financial results that are due on 9 April 2014 and plan a massive communication campaign after this publication. Unfortunately at the moment we aren't able to extend comments on our financial performance due to the above mentioned reasons.
I hope this helps and I very much like to see you remaining a shareholder of the company.
kind regards,
Sergey Belyakov
IR director