Home  Issuers' Corner  Press Releases  Severstal
CLOSE

Press Releases > Severstal  all about the company

company search
all press releases
all Severstal press releases

Severstal

June 10, 2005

At the Annual Meeting of Shareholders of Open Joint-Stock Company 'Severstal', that has been held today, annual report and accounting reports of the Company for 2004 have been approved

At the Annual Meeting of Shareholders of Open Joint-Stock Company 'Severstal', that has been held today, annual report and accounting reports of the Company for 2004 have been approved; the decision on payment of dividends taken, new redactions of the Charter approved as well as Regulations on the order of carrying out the General Meeting of Shareholders, on the Board of Directors, the General Director of Open Joint-Stock Company 'Severstal', the new composition of Board of Directors and the Revision Committee have been elected, the auditor of the Company has been assigned.
Alexey Aleksandrovich Mordashov has been elected the Chairman of Board of Directors of Open Joint-Stock Company 'Severstal'.

Based on the results of the first session of Board of Directors after the Annual Meeting of Shareholders, Mr.Alexey A.Mordashov has been elected the Chairman of Board of Directors of Open Joint-Stock Company 'Severstal'.

After the end of Board of Directors meeting, Mr.A.Mordashov pointed out that key parameters of JSC Severstal 2004 business plan had been successfully fulfilled, which was also reflected by the amounts of JSC Severstal payments to budgets of all levels. Based on the results of 2004, tax payments of the Company exceeded 17.5 milliard roubles, which is by 78% more than in 2003. At the same time, tax payments to the federal budget almost doubled, as compared to 2003, and exceeded 4.8 milliard roubles. "The current year, 2005, is an anniversary year for Severstal", Mr.A.Mordashov has emphasized. "In the nearest 2005-2006 years, the investments into the development of the Company will make about $950 million. And I am sure that our efforts directed at consecutive realization of the Severstal's strategy both inside Russia and in the international markets will result in the further strengthening of its positions in the sixth decade of the Company's history".

In the report to Annual Meeting of Shareholders, General Director of Open Joint-Stock Company Severstal Mr.Anatoly N.Kruchinin has noted that performance of the Company in 2004 was better than that in any other year of the decade. Production of steel increased in 2004 by 5.6 % and reached 10.4 million tons. Shipment of rolled products in 2004 was 9.3 million tons, which is 5.5 % more than the same parameter in 2003.

Investments in development of production have exceeded 13.5 milliard roubles, that has exceeded the appropriate parameter of the previous year by ninety four percent.

By the results of the Company operation in 2004, the net profit of the Company has exceeded 39.5 milliard roubles, having increased more than twice as compared to 2003.

The meeting of shareholders of the Company has approved the amount of dividends as per the results of work in 2004 at a rate of three roubles per one ordinary registered share, and the dividends as per the results of work in the first quarter of 2005 - at a rate of four roubles per one ordinary registered share.

Speaking on the company's plans, Mr Anatoly N.Kruchinin has noted, that high prices for the raw materials, continuing consolidation, fast growth of the Chinese and the globalization of the world economy would remain the basic tendencies determining the development of the Russian Federation ferrous metallurgy in the immediate prospects.

"The present situation of the conjuncture declination in the steel rolled products market compels us to manufacture more sophisticated products with high added value in order to satisfy the requirements of our consumers', - has emphasized Mr.A.Kruchinin. Severstal realizes the investment program directed at the increase of volumes of production and at the consolidation of the fixed capital, as well as at the expansion of products range and the improvement of quality. In 2005, the installation for thermal treatment was commissioned in the Section Rolling Shop, new mill was erected in the Cold Formed Section Shop. There are plans for start-up of the polymeric coatings line, the production line of the joint venture Severgal, slab line in EAF shop, etc. As the result of these measures, the production shall be increased by 7.3 % as compared to 2005, and shall reach 9 million 970 thousand tons" - General Director of Open Joint-Stock Company Severstal has summed up.


In accordance with the agenda of the Meeting of shareholders, the new Board of directors of JSC Severstal was elected as follows:

  •  Mordashov Alexey Aleksandrovich - General Director of "Severstal-group";
  •  Mahov Vadim Aleksandrovich - Assistant to the General Director of "Severstal-group" on strategy and business development;
  •  Shvetsov Vadim Arkadievich - First assistant to the General Director of "Severstal-group";
  •  Noskov Michail Vjacheslavovich - Assistant to the General Director of "Severstal-group" on finance and economy;
  •  Kostin Igor Jurievich - Assistant to the General Director of "Severstal-group" on business planning;
  •  Kruchinin Anatoly Nikolaevich - General Director of Open Joint-Stock Company "Severstal";
  •  Chelnokov Pavel Anatolievich - Director on legal matters of Open Joint-Stock Company "Severstal";
  •  Solopov Valery Aleksandrovich - Leading expert of Open Joint-Stock Company "Legal bureau "Zenturion-M"
  •  Zhuravlev Igor Pavlovich - Chairman of Trade-union committee of Open Joint-Stock Company "Severstal"

The shareholders have also approved a number of issues in connection with the operative activity of the company.

Closed Joint-Stock Company "KPMG" was assigned as the auditor of the Company.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z



Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer