United Machine-Building Works JSC (Uralmash-Izhora Group) held the annual general meeting on June 5, 2006. The eligibility to attend was determined by being included in the register by April 17, 2006. The shareholders approved of the company’s annual report for 2005, of the accounting report (including the P&L statement), and of the inspection committee report. In 2005, the company’s operating profit was 3.3 times greater than in 2004, its revenues went up by 27% and reached the point of $666.1 million. The fact that the nuclear industry contracts signed with United Machine-Building Works

‘Within the framework of setting up OGK-2 JSC and OGK-6 JSC, there has been effected an exchange of excess share of the companies for the stock of the electric power station owned by RAO UES of Russia and minority shareholders,’ PR-department of Sverdlovenergo JSC reported. After completion of the exchange process the companies OGK-2 JSC and OGK-6 JSC ceased to be 100% subsidiaries of RAO UES of Russia; its share in the authorized capital of OGK-2 JSC and OGK-6 JSC is now 84.65% and 96.91%, respectively.

In May 2006, representatives of Maerz of Austria paid a business visit to Magnesite Integrated Complex, member of Magnesite Group. During the visit, they discussed the terms of some contracts and the proffered set of engineering services with Magnesite executives. Another subject of discussion was a schedule of further cooperation within a new investments project concerning a proposed construction of vitrified clinkers production sector involving installation of a Maerz high temperature shaft furnace. The parties came up with a decision to carry out some experimental testing. A briquette

Supervisory Board of Koltsovo Airport JSC decided to hold the annual general meeting on June 30, 2006. The agenda includes approving of the annual report and annual accounting statements, including P & L account for 2005. The stockholders will elect members of Supervisory Board of the Association, members of the inspection commission, and will appoint the company’s auditor. They will also adopt a new version of the Articles of the Association. Supervisory Board has recommended the stockholders to allot 1,972,182.60 RUR to pay a dividend of 6.60 RUR per common share and that of 13.20 RUR

In the end of May 2006, the top-management of Magnesite Industrial Complex JSC (member of Magnesite Group) held a meeting with teaching staff and students of Satka Ceramics and Mining College. The meeting was held within the framework of the cooperation program of Magnesite Industrial Complex with educational institutions of Satka town. During the meeting, Igor Anikievich, GD of Magnesite Industrial Complex, spoke about the future prospects of the company within the framework of the unified corporate development strategy of Magnesite Group, the main trends of which have been endorsed by the

Federal Insurance Supervision Service has withdrawn licenses of two Yekaterinburg insurance enterprises, namely, Ural Treasures Reinsurance Company Ltd. and Rosalliance Insurance Company CJSC. The withdrawal entails cancellation of the companies’ entries at the Unified State Register of Insurance Companies. The withdrawal was caused by the companies’ non-execution of the Federal Insurance Supervision Service requirements. All these events are the outcome of Federal Insurance Supervision Service suspending the licenses of the companies in February 2006 (Ural Treasures Reinsurance Company Ltd.)

Within the framework of the renovation program, Abakan subsidiary of Evrazruda JSC (part of Evraz Group, an ore maker) put into operation the main dewatering plant (maximum depth -200 meters) that allows to pump subterranean waters from the mine’s deepest floors. According to the company’s spokesperson, the new plant is part of the complex system that covers three floors (+65, -15, and -95 meters); the other components include a venting and air heating chamber unit in order to air and warm the mine in winter. The air will be transmitted via Kletievoy air channel that is 32 meters long; the

Chairman of Bank24.ru Sergey Lapshin placed a claim against Business Club Globus CJSC with the court of Chkalovskiy District of Yekaterinburg. The case is to be heard on June 14, 2006. ‘Mr Lapshin demands that the agreement concerning the acquisition of shares of Stroyplastpolymer Works JSC by the plaintiff be declared invalid,’ the spokesperson for Sverdlovsk Regional Court Ekaterina Balaeva said to UrBC representative. The transaction involving 19.66% of the plant’s shares was conducted in 2004.

Russian Central Bank Administration in Chelyabinsk Region registered the third extra share issue by Chelyabinsk Commercial Land Bank CJSC. There are 25,954,768 shares with a par value of 1 RUR per share altogether, the total worth of the issue thus comes to 25,954,768 RUR. This issue is to be allotted among the bank’s shareholders and the idea behind it is to raise the authorized capital that should reach the point of 100,954,768 RUR. Everything is to be completed within June, the bank’s spokesperson said to UrBC representative.

Power generating company OGK-5 is going to assemble a combined-cycle plant at Sredneuralskaya state district power plant. According to the company’s Strategic Development Director Nikolai Morilov, the project costs over $300m that is expected to come from the share issues and loans. The combined-cycle plant will probably be launched in 2009, to be followed by the upgrading of the old equipment. First Deputy Head of Sverdlovsk Region Government Vladimir Molchanov has already discussed the project feasibility and potential with OGK-5 executives.

Athena CJSC is going to hold the annual general meeting on June 26, 2006. The agenda includes approving of the company’s annual report for 2005, P & L distribution, including the question of dividends. Besides, the shareholders will have to elect the company’s Board, the inspection committee, and the company’s Auditor.

‘During the celebrations of the first unit reconstruction completion of Heat Power Plant No. 12, President of Solikamskbumprom JSC V.I. Baranov declared that the second unit reconstruction will be carried out by the same team that had earlier reconstructed the first unit. The team is made up of qualified professionals of Ural Turbine Works, member of RENOVA Group,’ PR-department of Ural Turbine Works CJSC reported. ‘The decision of Solikamskbumprom top-management is connected with the fact that Ural Turbine Works manufactured a new condensing exhaust turbine K-17 for the heat power plant

The annual general meeting of Mechel-Bank Commercial Bank JSC is to be held on June 23, 2006. The agenda contains approving of the company’s annual report, the annual accounting statements, the profit distribution and the declaration of dividends for 2005. The stockholders will also elect members of the Board of Directors and of the inspection commission, appoint the company’s auditor and adopt a new version of the articles of the association.

Within the first quarter of 2006, the net profit of Asha Metallurgical Works went down by 47% (by 154,437,852 RUR) against the previous quarter. The reduction of the net profit is due to a decrease in the goods’ sales proceeds, which, in its turn, is a result of a decline in the company’s business activity caused by the enormously cold weather during the winter of 2006, the company’s press release says. Thus, the net profit Asha Metallurgical Works in the first quarter of 2006 came to 173,838,202 RUR.

Vysokogorsky ore mining and processing enterprise (VGOK JSC, member of Evraz Group) held a meeting concerning organization of the Ninth Ural Mining Industry Congress on June 28-29, 2006. The congress will be held as a part of celebrations of the company’s 285th anniversary and will be attended by representatives of Sverdlovsk Regional Government, Nizhny Tagil local administration, EvrazHolding Management Company and members of the press. This was reported by VGOK PR-department.

Annual general meeting of Chelyabinskhlebproduct JSC is to be held on June 22, 2006. The agenda contains approving of the financial results for 2005, declaration of dividends, election of the Board of Directors and the inspection commission and the appointment of the company’s auditor.

Sverdlovsk Region Mortgage Lending Agency SAIZHK JSC has recently completed the third share issue, with the company’s authorized capital coming to 100 million RUR. According to Sverdlovsk Region Minister for Public Property Management Alexei Molotkov, the agency is also thinking of another issue in the nearest future.

‘Vysokogorskiy Ore Mining and Processing Enterprise JSC (part of Evraz Group) has come up with a scheme to reduce production costs in 2006. The most significant change would affect the batch mixture that comes with the agglomerate as we are going to add some martite and slime of Ivanovskiy slime depository to it; this is expected to reduce out expenses dramatically,’ says the spokesperson for Evraz Group. ‘Another way to cut costs is to upgrade the turbine compressor of Yestyuninskaya mine. The company is also planning to renovate the railroads at Magnetitovaya mine; other projects concern

Following numerous complaints by some companies concerning the activity of Chelyabenergosbyt JSC, Chelyabinsk Region Federal Antimonopoly Service started investigating the supplier in April 2006. Most complaints had to do with the alleged disadvantageous terms of purchase-and-sale agreements that companies needed to sign in order to buy electricity (extra charge for over- or under-use of electricity compared to the amount stated in the contract, fines for each revealed deviation from the contract, etc.). As the spokesperson for Chelyabinsk Region Federal Antimonopoly Service said to UrBC

On June 1-2, 2006, the first Russian-French workshops by Société Générale Orient are held within the framework of French Business Spring in Yekaterinburg. Société Générale Vostok is fully owned by the French banking group Société Générale based in Moscow in 1993 as an investments bank.. Yet since 2003, the bank turned into a universal one providing its services to both companies and individual clients. ‘A universal bank like ours cannot limit its operation to Moscow only, we are targeted at the regional development as well, and Yekaterinburg is one of the first cities where we’ve set up an