Decisions of the Board

25 Mar 2008 07:00

OJSC Magnitogorsk Iron &Steel Works24 March 2008 March 21, 2008 Decisions of Board of Directors Resolutions of the OJSC MMK Board of Directors dated March 21, 2008 Meeting of MMK Board of Directors took place on March 21, 2008, The Board of Directors decided to recommend to the Annual General Shareholders'Meeting to approve the distribution of profit and losses for the 2007 FinancialYear and pay dividends on placed ordinary registered shares of the Company inthe amount of RUB 0.502 (including tax) per share. The Board of Directors constituted the Company's Collective Executive Body, theManagement Board, increasing the number of its members to 23 persons. The Board of Directors also determined the list of information to be madeavailable to the shareholders during preparation for OJSC MMK's Annual GeneralShareholders' Meeting, and the procedure for providing such information,approved the report of the Company's executive bodies regarding implementationof the Board of Directors' resolutions, the report on the activities of theBoard of Directors' Committees, and approved a number of interested partytransactions. About MMK The Magnitogorsk Iron and Steel Works OJSC (MMK) ranks the 20th among theworld's largest steel producers (according to IISI) and is one of the leaders ofRussia's steel industry (according to Chermet data). The Company is a largesteel producing complex encompassing the entire production chain, frompreparation of iron ore to downstream processing of rolled steel. MMK turns outa broad range of steel products with a predominant share of value added goods.In 2007 the Company produced 13.3 m tonnes of crude steel, and 12.2 m tonnes ofcommercial products. US GAAP sales stood at USD 8.2 bn, with net income at USD1.8 bn. Contacts: Head of IR Evgeny Kovtunov t: +7 3519 24 93 55 E-mail: kovtunov@mmk.ru Press-secretary Elena Azovtseva t: +7 3519 24 90 82 E-mail: azovtseva@mmk.ru This information is provided by RNS The company news service from the London Stock Exchange