30 May 2014 08:15
May 30, 2014, Magnitogorsk Press release
MMK Announces AGM Results
Magnitogorsk Iron and Steel Works ("MMK", or "the Company") (LSE: MMK) today held its Annual General Meeting of Shareholders (AGM) in Magnitogorsk. The AGM approved MMK's annual report and financial statements for 2013 and resolved not to pay a dividend for the 2013 financial year.
The AGM also elected the Board of Directors of MMK. The new Board of Directors comprises Victor Rashnikov, President of LLC MMK Managing Company; Pavel Shilyaev, CEO at OJSC MMK; Vitaly Bakhmetyev, Deputy CEO for Commerce at OJSC MMK; Olga Rashnikova, Director for Finance at OJSC MMK; and Nikolai Lyadov, Deputy CEO for Sales at OJSC MMK. In addition, five directors were elected, who met the UK Corporate Governance Code's criteria for independence: Zumrud Rustamova, Deputy CEO at OAO Polymetal; Peter Charow, Vice-President for Russia at BP; Ruben Aganbegyan, CEO at Otkritie Financial Corporation; Kirill Levin, Deputy Chairman of the Board at Russian Agricultural Bank; and, Valery Martsinovich, CEO at Hay Group Eastern Europe.
Andrei Fokin, Alexander Maslennikov, Oksana Dyuldina, and Galina Akimova were elected as the members of the Audit Commission.
Shareholders approved the remuneration and compensation of the Board of Directors and members of the Audit Commission for 2014-2015. The total payments to the Board of Directors during the period will total 53 million rubles, and those to the Audit Commission will total 18 million rubles.
After the AGM, the first meeting of the new Board of Directors of MMK took place, at which Victor Rashnikov, President of LLC MMK Managing Company, was elected as Chairman. During the meeting a collective executive body, the Management Board, was formed.
The Management Board comprises Pavel Shilyaev, CEO at OJSC MMK; Vladimir Ruga, Vice-President for External Communications at LLC MMK Managing Company; Dmitry Usanov, Director of the Strategic Development Department at LLC MMK Managing Company; Sergey Sulimov, Deputy CEO for Finance and Economy, OJSC MMK; Vitaly Bakhmetyev, Deputy CEO for Commerce at OJSC MMK; Sergei Laskov, Deputy CEO for Production at OJSC MMK; Andrey Eremin, Director for Economy at OJSC MMK; Marina Zhemchueva, Chief Accountant at OJSC MMK; Oleg Kiykov, Director for Human Resources at OJSC MMK; Sergey Krivoshchekov, Director for Corporate Matters and Social Programs at OJSC MMK; Sergey Unru, Director for Health, Safety and the Environment at OJSC MMK; Maxim Lapin, Director for Business Development and Efficiency Management at OJSC MMK; Nikolay Anashkov, Director for Internal Sales at OJSC MMK; Alexander Nenashev, Director for Safety at OJSC MMK; Sergei Shepilov, Director for Legal Matters at OJSC MMK.
About MMK
MMK is among the world's largest steel producers and is one of the leaders of Russia's steel industry. The company's operations in Russia include 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 higher value added products. In 2013 MMK Group produced 11.9 mln tons of crude steel and 11 mln tons of commercial steel products. The MMK Group's revenue in 2013 totalled USD 8.190 bln, with EBITDA at USD 1.223 bln.
Investor Relations Department:
Andrey Serov, Head of IR
tel.: +7 (3519) 24-52-97
E-mail: serov.ae@mmk.ru
MMK Communications Department
Dmitry Kuchumov Sergei Vykhukholev Alexander Proskurov
Tel: +7 (499) 238-26-13 Tel: +7 (499) 238-26-13 Tel: +7 (3519) 246 303
E-mail: kuchumov.do@mmk.ru E-mail: vykhukholev.sv@mmk.ru E-mail: proskurov@mmk.ru