Metallurgical Industrial Complex of Magnitogorsk has recently held the annual stockholder meeting. The shareholders agreed on the annual report and the accounting report, including the P & L statement. The annual report states that the company’s smelting output came to 11.4m tons, the metal products output to 10.2m tons, and sales to 147.3bn RUR in 2005.

The shareholders decided to pay a dividend of .532 RUR per share. They approved of the company’s updated Charter and elected the following Board Members: Chairman Viktor Rashnikov, Deputy Chairman Andrey Morosov, GD Gennadiy Senichev, Deputy GD Rafkat Tahautdinov, Deputy Strategic Planning and Property GD Sergey Krivoshchekov, Commercial Director Viktor Kutishev and Security Director Nikolai Lyadov plus three independent Board Members: Andrey Gorodisskiy, Kirill Levin, and Zumrud Rustamova. Sir Brian Fall who had previously agreed to run for the Board had to withdraw due to a recent civil service appointment.

The shareholders elected the cast of the inspection committee and the company’s auditor – Deloitte & Touche NIS.

At the Board meeting that followed, Viktor Rashnikov and Andrey Morosov were once again elected as the GD and Deputy GD.