OREANDA-NEWS. On April 18, 2007 at the meeting of the Board of Directors of VSMPO-AVISMA Corporation in Ekaterinburg, the draft program of strategic development through 2012 and the company budget for 2007 were addressed, reported the press-centre of VSMPO-AVISMA.

The Board of Directors approved the concept, which forms the basis of the “Strategic Development Program of PSC VSMPO-AVISMA Corporation for 2007-2012” on the achievement of the following development aims:
1. increase of the sponge titanium production volume in AVISMA-Affiliate subject to the reliable power service up to 44 thousand tons in 2011.
2. increase of the total output of commodity titanium products up to 44 tons by 2012.

The Board of Directors arrived at a decision regarding the additional review of the issues related to the value of the required investments and mechanisms of financial security of the development program implementation.  Also the Board of Directors suggested that additional work shall be carried out on the Company budget for 2007 and corrections based on the recommendations from the members of the Board of Directors shall be introduced into it; the amended draft budget shall be submitted to the Board of Directors before the end of April 2007 for review.


The Board of Directors approved the provision regarding the dividend policy of the Corporation, the validity period of which was extended till 2012. The fundamental change in the new revision of the provision was the modification of the calculation basis for dividend determination. According to the previous revision the dividend rate was recommended by the Board of Directors on the basis of 10%, min, of the net profit, determined as per US GAAP, in the new revision the dividend rate is determined as 10%, min, of the net profit, calculated according to the Russian accounting standards.