OREANDA-NEWS. On October 25, 2008 The general shareholder meeting of Azovstal Steel Plant convened and approved the procedure of the profit distribution generated by the company in 2007 (UAH 2,122,712,031.74) and a part of undistributed profit made in 2006 (UAH 1,048,005,040.00), reported the press-centre of SCM Group.

The shareholders established the following distribution procedure of the profit made by the company in 2007 at the amount of UAH 2,122,712,031.74:

UAH 771,356,015.87 will be allocated to pay dividends to the shareholders of Azovstal Steel Plant;

UAH 1,351,356,015.87 will remain undistributed.

The shareholders distributed the part of the undistributed profit of the company in 2006 at the amount of UAH 1,048,005,040.00 as follows:

UAH 524,002,520.00 will be allocated to pay dividends to the shareholders of Azovstal Steel Plant;

UAH 524,002,520.00 will remain undistributed.

Dividend payment term starts on 15 December, 2008 and will end on 24 October, 2011.

No decision was made regarding distribution of the undistributed profit made in 2002-2005.

The shareholders also decided to amend the statute of the company, in particular to increase the authorized stock (capital) of the company by UAH 2,426,068 due to completion of the shares issue procedure. The authorized stock (capital) of Azovstal Steel Plant totals today UAH 1,051,000,000, which equals 4,204,000,000 ordinary registered shares.

The shareholder meeting also amended the Provisions on the Supervisory Board and approved the balance-sheet of the company as of 31 December, 2007.