OREANDA-NEWS. On Oct. 2, a general meeting of shareholders of the NovoLipetsk Metallurgical Plant, NLMP, Russia’s major steel maker, has approved payment of dividends for the first six months of 2006. Dividends will be paid on ordinary stock in the amount of 1.5 rubles for every share.

Dividends will be paid till Dec. 28. 2006 by transferring funds in the following way:

- to legal persons - at the discretion of NLMP, either in rubles or hard currency at the official Russia central bank’s exchange rate for the last day preceding payment into legal persons’ bank accounts available with the registrar or in written applications from foreign-based shareholders submitted prior to the day of payment;

- to natural persons (plant’s employees) - payable into “Salary” accounts of employees or in cash at the plant’s cashier desks. Other shareholders - natural persons will receive dividends via the Lipetskcombank transferred into their accounts found in their registrations with the registrar or in cash in Lipetskcombank’s cashier’s desks. 

The NLMP JSC will transfer funds to its depository bank for payments on Global Depository Shares due Nov. 23, 2003. The depository bank shall pay out dividends to GDS holders within five days of the reception of funds. GDS dividends, by default, are to be paid in dollars at the current exchange rate as of the day of exchange of the money by the depository bank.

The board of directors has registered the decision by the general meeting of shareholders.