OAO «TMK» (TMK) announces that the Annual General Meeting of Shareholders of the Company was held in Moscow on June 27, 2008.

The AGM approved a 2007 dividend of 1.03 RUR per TMK share (about 0.17 USD per 1 GDR*, 1 GDR = 4 shares). A total of RUR 899,191,030.00 (around USD 37.7 million) shall be paid out as dividend by August 26^th 2008.

In December 2007, TMK’s shareholders approved interim dividends, for the first 9 months of 2007, of RUB 3.63 per share (approximately USD 0.58 per GDR), for a total RUB 3,168,993,630 (approximately USD 128 mln. at the exchange rate of the announcement date).

Shareholders approved the annual report and financial statements for the 2007 financial year as well as elected the Board of Directors and the Audit Committee. OOO «Ernst&Young» was approved to be OAO «TMK» auditor.

The AGM agreed that the Board of Directors shall continue to be comprised of ten members, including four independent directors. Andrey Kaplunov, Adrian Cobb, Josef Marous, Sergey Papin, Dmitriy Pumpyanskiy, Geoffrey Townsend, Igor Khmelevsky, Alexander Shiryaev, Alexander Shokhin and Mukhadin Eskindarov were elected to the Board of Directors. At the Board meeting held following the AGM, Dmitriy Pumpyanskiy was re-elected as Chairman of the Board of Directors of OAO «TMK».

OAO «TMK»’s 2007 Annual Report for the year ended December 31 2007 will be published and available within a week.

The 2007 Annual Report will be accessible online on TMK’s website; https://www.tmk-group.com/AnReports.php and will be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:

Financial Services Authority

25 North Colonnade

Canary Wharf

London

E14 5HS