OREANDA-NEWS. On March 30, 2007 the Annual General Shareholders’ Meeting of OJSC “Magnitogorsk Iron and Steel Works” took place in the city of Magnitogorsk, reported the press-centre of  OJSC “Magnitogorsk Iron and Steel Works”. Decisions were taken on all the issues on the Agenda for the Annual General Shareholders’ Meeting.  The Annual General Shareholders’ Meeting approved the annual report of OJSC “MMK” and annual accounting statements, including profit and loss statement. It was decided that the dividends on ordinary shares based on the Company’s 2006 results will be paid in the amount of 0,891 rubles per share. Presenting the annual report to the Annual General Shareholders’ meeting, Victor Rashnikov, the Chairman of the Board of Directors of OJSC “MMK”, stated: “We are satisfied with the results of 2006.  Our Company has achieved a high level of efficiency and good financial results”.


The new Board of Directors of OJSC “MMK” was elected.  The Board of Directors includes: A. Gorodisski, S. Krivoschekov, K. Liovin, Sir David Logan, A. Morozov, V. Rashnikov, Z. Rustamova, G. Senichev, R. Takhautdinov, Peter Charow.  Five out of ten elected Board members meet the criteria of an independent director under Russian law. The Annual General Shareholders’ Meeting elected the Internal Audit Committee which is comprised of three members.  ZAO “Deloitte & Touche CIS” was approved as the auditor of OJSC “MMK”. The Annual General Shareholders’ Meeting also approved the amount of the compensation to be paid to the members of the Board of Directors.  Amendments were approved to be made to the Charter and internal documents which regulate the activities of OJSC “MMK”.  The Annual General Shareholders’ Meeting also approved interested party transactions. After the Annual General Shareholders’ Meeting, the Board of Directors held its first meeting of the new Board.  Victor Rashnikov was again elected the Chairman of the Board of Directors.