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MMK

February 5, 2008

MMK Becomes a Direct Owner of a 50% Interest in ZAO Kazankovskaya Coal Company

MMK has acknowledged transfer of title to a 50% share package of ZAO Kazankovskaya Coal Company from OOO MetAl.

The transfer occurred as part of the procedure of a voluntary liquidation of OOO MetAl, a 100% subsidiary of OJSC MMK. The 50% package, earlier owned by MetAl, was transferred to OJSC MMK as the only participant in the company under liquidation.

The liquidation of OOO MetAl is taking place in the context of a plan to optimize the MMK Group’s structure for the purpose of improving the efficiency of the Group’s assets management.

 

Additional Information:

The MagnitogorskIron & Steel Works OJSC (??? ) ranks 20th among the world’s largest steel producers (Source: IISI) and is one of the leaders of Russia’s steel industry (Source: Chermet). The company is a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. ??? turns out a broad range of steel products with a predominant share of value added goods. In 2006 the Company produced 12.5 m tonnes of crude steel and 11.3 m tonnes of commercial products. In 2006 sales under US GAAP amounted to USD 6.4 bn, with net profit standing at USD 1.4 bn. In 2007 MMK produced 13.3 million tons of crude steel and 12.2 milion
tons of commercial steel products.

ZAO Kazankovskaya Coal Company is a coal mining enterprise located in the Kemerovo Region and owned on a parity basis by OJSC MMK and ZAO Yuzhkuzbassugol Coal Company. Among the assets of ZAO Kazankovskaya Coal Company is the Tagaryshskaya Coal Mine with 40 million tons of grade G coal reserves which produced 926,000 tons of coal in 2007, and a license for mining the Kureinsky section of the Kureinsky Coal Field with prospected reserves of 425 million tons of K, KS, OS and TS grades’ coals.

 

 

 

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