OREANDA-NEWS. September 11, 2009. The shareholders of the Public Company Yenakiyevo Steel Plant (YEMZ) made the decision at the general meeting of shareholders to send some part of the profit to the reserve fund and the rest part to be left as retained profits, reported the press-centre of SCM.

Upon the decision of the shareholders' meeting, net profit in the amount UAH 407,607,012 received by YeMZ in 2008 shall be distributed as follows: UAH685,853.50 to be sent to the reserve fund of the company; the rest funds in the amount UAH406,921,158.50 to be left as retained profits.

In addition, the shareholders' meeting approved the annual CEO report, the Auditor's report on the financial and economic activity of the company in 2008, the balance sheet and income statement as of 31/12/2008.

"At these challenging economic times we plan to use the retained profits to continue implementation of the long-term  program on modernization, reconstruction and development of the plant to ensure further increase in the plant's production efficiency and its environmental safety", stated Aleksandr Podkorytov, CEO of Yenakiyevo Steel Plant.