On March 22, 2006, the Coordinating Board meeting of Magnitigorsky Metallurgichesky Kombinat JSC (MMK, Metallurgical Industrial Complex of Magnitogorsk) and Obyedinennaya Metallurgicheskaya Kompaniya CJSC was held in Magnitogorsk.

The Coordinating Board summed up the cooperation achievements for 2005 and the first quarter of 2006. The parties also exchanged their views on the current and perspective sales opportunities for the Russian and foreign markets of rolled metal and tube production. They also discussed the possinilities of launching new types of steel for pipe production, reconstructing the company’s two out-plants, and having the casting and rolling module installed at the Complex.

The meeting resulted in the Cooperation Agreement valid until 2010.

In 2005, OMK supplied 22% of large-diameter pipe produce on the Russian market, 13% of medium-size tubes and 28% of all well casings produced in Russia; the share of MMK on the Russian rolled metal market comprised 16%. OMK Steel produced over 181,000 tonnes of rolled metal in 2005.