Metallurgical Industrial Complex of Nizhniy Tagil JSC (part of Evraz Group) has recently introduced a program aimed at assisting their employees with paying mortgage loans. So far, twelve of the company’s metallurgists have received the agreement of the Complex to pay their interest rate and placed mortgage loan applications with the local banks. In the meantime, the company has been updating the list of those willing to move to a better dwelling for the year 2006. The list will be used to sign the agreements that should make it possible for the employees to receive financial support from the Complex.

This money-compensating mechanism was developed at the Complex this spring. The employees are free to choose the bank and sign a mortgage loan agreement themselves. The Complex then promises to pay 50% of the interest rate, with certain amounts to be given to the workers each month.

This new social project is brought in compliance with the Collective agreement. According to the decision of the company’s management and the trade union, top priority will be given to best workers, employees with official and corporate awards, and young employees.