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July 30, 2002

Severstal-Group and the Nighny Novgorod region signed an agreement on cooperation

The agreement was signed by Gennady Hodirev, the Governor of Nighny Novgorod region and Alexey Mordashov, the general director of the Severstal-Group.
   According to Alexey Mordashov, "We have approached the issue of social-economic cooperation with the administration of Nignhy Novgorod with a high degree of responsibility as the agreement involves a range of social issues. We have to be fully aware of our capabilities to keep the promises having in mind the difficult situation in the car-making business, because the majority of payments will be made by ZMZ (Zavolzhye Engine-making Plant). Today we are ready to do that."
   According to Victor Klochay, ZMZ' general director, "ZMZ' top management maintains a policy of social responsibility policy, typical for the companies of the Severstal-Group. In 2001, we sent 51 million rubles for social infrastructure development and charity purposes. In the first six months of 2002, 59.4 million rubles were allocated for social purposes. We have helped children's rehabilitation, sports and medical facilities as well as child caring centers, veterans of war and labor and automotive colleges.
   From July 2001 retired ZMZ employees will receive supplemental pensions. Every quarter ZMZ will spend 1.5 million rubles on this purpose. The company finances children's rehabilitation camps and plant's recreation facilities.
   In 2001, ZMZ began a program of providing assistance to mothers having many children, mothers having handicapped children and single mothers. Their children receive individual financial aid to help pay for meals at school an purchase stationary and other school related items.
   ZMZ' management also makes quarterly financial contributions to Zavolzhye educational institutions. In July 2002, Zavolzhye schools received 295,000 rubles.
   The agreement between the administration of the Nighny Novgorod region and the Severstal-Group involves close cooperation in developing engine-making, production of bearing materials, slide bearings, in sales and marketing of engines in domestic and international markets. It also involves participation of companies of Nighny Novgorod region in upgrading and modernization of the companies of the Severstal-Group, and in providing scientific support to new engineering projects and technologies in engine-making and other areas.
   It is stated in the agreement that parties agree to coordinate policies on creating and implementing programs of developing industrial potential of Nighny Novgorod region, creating jobs and using region's natural resources. They agreed to work together to attract Russian and foreign investors and form joint ventures with Severstal-Group and its daughter companies.




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