The shareholders of JSC Magnitogorsk Iron & Steel Works (MMK, Chelyabinsk region) have passed resolution to pay out interim dividend at the rate of 0.655 rubles per common share and preferred share at par value of 1 ruble at the Extraordinary Meeting held August 30, 2005.

The volume of payments will total 6.963 billion rubles.
In 2004, MMK reached high production capabilities. The production of sinter amounted to 10 million 361 thousand tons, coke production was registered at 5 million 870 thousand tons, the production of pig iron and steel reached 9 million 654 thousand tons and 11 million 294 thousand tons respectively. At the same time the year was very complex for the steel makers. The deficit of the coking coal and the unprecedented rise of prices for the raw materials created certain difficulties. The main problem resided in the decrease of quality and stability of the coal charge. MMK managed to successfully cope with this complicated situation. The production of commercial products amounted to 10 million 125 thousand tons exceeding the figures of the year of 2003 by 52 thousand tons.

MMK as usual remains the most active participant in the investment process among the enterprises of the non-ferrous industry.

In the year of 2004 the capital expenditures of the Woks amounted to 11,121 billion rubles out of which almost 80% were raised from the company's own funds. During the period of 1996 - 2004 the company spent for these purposes 40,9 billion rubles altogether. Technical revamping and modernization encompass practically all stages of production at MMK.

"AK&M", 30/08/2005 10:16