21 May 2010 08:31
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Open Joint Stock Company
Magnitogorsk Iron and Steel Works
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Press-release
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May 21, 2010
MMK announces AGM results
Annual General Shareholders Meeting took place at MMK today.
All the items on the agenda were considered. The resolutions included the approval of the annual report, annual accounting statements and income statement.
The shareholders approved the payment of dividends for the financial period of 12 months of 2009 in the amount of RUB 0,37 (including tax) per ordinary share.
The shareholders approved the following composition of the Board of Directors: A.Gorodissky, K.Levin, Sir David Logan, V.Rashnikov, Z.Rustamova, R.Takhautdinov, O.Fedonin, Peter Charow, V.Shmakov and S.Krivoshchekov. Five members of the Board of Directors are independent. The composition of the Auditing Committee was approved. Deloitte & Touche CIS were appointed auditors of MMK.
Speaking at the Annual General Meeting today, Victor Rashnikov, Chairman of MMK, commented: «As for MMK operations in 2009, it should be mentioned, that we successfully overcame this challenging period. The crisis validated the strategy pursued by our company. The goal of this strategy is to develop new high-value added product types marketable in perspective world markets, first of all - in Russia.
In 2009 we built a solid platform to raise the company's efficiency and to further improve operational and financial results as the economy recovers».
The first meeting of new MMK Board of Directors also took place. The Board of Directors approved the new composition of the Management Board of MMK, including: R.Takhautdinov, O.Fedonin, A.Chernov, A.Mastruev, V.Andriyanov, V. Antonyuk, Y.Bodiaev, N.Lyadov, M. Zhemchueva.
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About OJSC MMK
OJSC 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 goods. In 2009 the company produced 9.6 mln tons of crude steel and 8.8 mln tons of commercial products. MMK Group revenue in 2009 stood at USD 5.081 bn, EBITDA at USD 1.285 bn, profit for the period - USD 219 mln.
Contacts: Evgeny Kovtunov Phone.: +7 (3519) 24-93-55 E-mail: kovtunov@mmk.ruÂ
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