Moscow, April 20, 2004. OMZ (Uralmash-Izhora Group) was selected as the 2004 Best Engineering Company in Russia. The award was presented today in London to Mr. Kakha Bendookidze, Chairman of the Board of the Company.

To determine the best companies in Russia, Global Finance Magazine uses a variety of sources including interviews with market players and exhaustive analysis of third-party and company-own data. The most important factors in selecting the companies are market size, profitability, long-term strategy, quality of management and efforts in improving corporate governance.

Global Finance cites the announced merger with Power Machines as a way for the Company to grow into a engineering organization better able to compete with international houses. The listing of the Company’s ADRs on the London stock exchange in 2003 is viewed as a source of capital for further restructuring and growth.

Global Finance nominates best companies in the following categories: beverages, consumer products, engineering, information technology, non-ferrous metals, oil and gas, telecom, utilities.

For further information please contact Marina Nacheva, Head of Investor Relations, at mnacheva@omz.ru or at (++7095) 974 6021, ext.1494.