Victor Rashnikov, Chairman of the OJSC MMK Board of Directors, emphasized the Company's advantages which will contribute to overcoming the current financial and economic crisis.

According to the Company's CEO, one of the Company's most important advantages is the fact that in recent years MMK has drastically overhauled and modernized its production assets in practically all its divisions. The Company has adopted and installed state-of-the-art steel production technology and equipment. The re-tooling of the Works has allowed to cut production costs through reduced specific consumption of raw and input materials.

"Besides, it is no secret that we have a comparatively lighter debt burden thanks to our conservative financial policy in the past. In implementing its modernization projects, the Company has always used cheap loans provided by western banks to pay for imported equipment purchases, while construction and erection activities have been financed out of the Company's cash flows," Mr.Rashnikov stressed.

According to OJSC MMK's CEO, the Company has certain liquidity and funds on accounts which will help it weather the crisis. Other undeniable advantages of the Company include a close-knit team of managers with an extensive experience of overcoming crisis situations, the Company's full electric power self-sufficiency, and a high degree of process flexibility which, for instance, allows to use different steel-making methods depending on specific situations.