The shareholders approved the annual report, the balance sheet and the statement of profits and losses for 2001. The meeting participants also approved the auditing company, the new edition of ChSPZ' Charter, the regulations of the Board of Directors, the regulations on the Revision Committee and the regulations on the annual shareholders meeting.

The meeting participants elected the Board of Directors, including:

• Dmitry Goroshkov - Severstal's sales director,
• Olga Naumova - marketing and sales director of ChSPZ,
• Valeri Pavlov - senior manager of the non-core businesses department of Severstal,
• Alexander Pogozhev - production director of Severstal,
• Vasily Pyatov - director of the calibrating shop of ChSPZ,
• Igor Savelov - the metal shop director of ChSPZ,
• Sergey Sokolov - general director of ChSPZ,
• Oleg Trofimov - senior manager of the non-core businesses department of Severstal,
• Vadim Shvetsov- 1^st deputy general director of Severstal.

Vadim Shvetsov was elected the Chairman of the Board of Directors.

According to Shvetsov, the main goal the company faces today is increasing capitalization of the company. This goal is important to both the shareholders and employees. By 2005, the turnover is expected to grow up to US $ 300,000,000 compared with the US $ 170,000,000 in 2001.

In his report Sergey Sokolov evaluated the company's performance in 2001 and outlined plans for 2002. According to Sergey Sokolov, creating of the company strategy up to 2005 is one of last year's most important achievements. It is based upon through and detailed analysis of the market and its segmentation. In its essence the strategy is customer oriented, which required ChSPZ to rationalize the marketing and sales function. In September, ChSPZ created the marketing and sales department which fulfills not only the sales and servicing functions but does product marketing, and offers informational and technical support to clients.

The plant developed the borrowing policy and the system of control of borrowed funds. It began incorporating the BAAN information system and new form of controlling and distributing expenditures.