The shareholders of OAO Magnitogorsk Iron & Steel Works intend to consider the issue concerning the payment of interim dividend for placed shares according to the results of the nine months of 2005 at the Extraordinary Meeting to be held on November 29, 2005. Besides, it is supposed to consider the issue in respect of election of the Board of Directors' members.

In 2004 the Works 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. 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", 20/09/2005 09:02