MMK.L Regulatory News (MMK)

25 Apr 2008 12:51

OJSC Magnitogorsk Iron &Steel Works25 April 2008 25 April 2008 MMK announces results of AGM MMK is pleased to announce that all the resolutions proposed at its AnnualGeneral Meeting were approved by shareholders. - This included the approval of the annual report, annual accounting statements and dividend payments. The dividend payment for 12 months of 2007 is set at 0,502 RUR per ordinary share. - The shareholders also approved the Board of Directors. - Deloitte & Touche CIS were approved as auditors. Speaking at the Annual General Meeting today, Victor Rashnikov, Chairman of MMK, commented: "2007 has been a landmark year in MMK's development. We are very proud to havebecome a publicly listed company and to have welcomed a new, expanded base ofhigh quality international and domestic investors. Overall, in terms of our financial and operational performance, this has been a very successful year forMMK. Through our transaction with Belon and the development of Prioskol iron oredeposit, we have taken a major strategic step forward towards raw materialsecurity. Furthermore, we are continuing with our strategy of expanding internationally, which we have advanced through our partnership in Turkey. Giventhe positive outlook both for steel prices and for demand, we expect furtherstrong progress in 2008." About MMK The Magnitogorsk Iron and Steel Works OJSC (MMK) is among the world's largeststeel producers and is one of the leaders of Russia's steel industry. TheCompany is a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel.MMK turns out a broad range of steel products with a predominant share of valueadded goods. In 2007 the Company produced 13.3 m tonnes of crude steel, and 12.2 m tonnes of commercial products. US GAAP sales stood at USD 8.2 bn, withnet income at USD 1.8 bn. Contacts MMK: Elena Azovsteva+7 3519 24 90 82 Evgeny Kovtunov+7 3519 24 93 55 Finsbury: Brian CattellPeter RussellSophia Matveeva+44 207 251 3801 This information is provided by RNS The company news service from the London Stock Exchange