OREANDA-NEWS. NLMK’s Extraordinary General Meeting of Shareholders approved new revisions of NLMK’s corporate documents (NLMK Charter, Regulations on NLMK’s General Shareholders’ Meeting, Regulations on NLMK’s Board of Directors). The new revisions reflect recommendations of best corporate governance practices, including OECD Principles of Corporate Governance and Bank of Russia recommendations from April 2014. Key changes include improved transparency and information disclosure timelines, and brining the ‘independent director’ concept in line with best global practices.

Shareholders declared null and void the Code of Corporate Governance of NLMK, with a new revision of the Code submitted for approval by the Board of Directors to be held on 22 December 2015.

Following Extraordinary General Meeting of Shareholders' approval of the new revision of the Charter and its state registration, the name of the Company will be changed:

•          Full name of the Company in Russian: Публичное акционерное общество «Новолипецкий металлургический комбинат» (Public Joint Stock Company “Novolipetsk Steel”); abbreviated name of the Company in Russian: ПАО «НЛМК» (PJSC NLMK).

•          Full name of the Company in English: Novolipetsk Steel; abbreviated name of the Company in English: NLMK.

NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world.  NLMK’s metal products are used in various industries, from construction and engineering to the manufacture of power-generating equipment and offshore wind turbines.

NLMK's production assets are located in Russia, Europe, and the United States. The Company’s liquid steel production capacity is over 17 million tonnes per year, of which about 16 million tonnes are produced in Russia. The company generated $6.371 billion in revenue; $1.628 billion in EBITDA; and a net profit of 891 million in 9M 2015. Net Debt/EBITDA is 0.5. The company has a BBB- credit rating (Fitch Ratings).

NLMK’s ordinary shares are traded on the Moscow Stock Exchange (ticker symbol: NLMK), and its global depositary shares are traded on the London Stock Exchange (ticker symbol: NLMK:LI).