Today Annual General Meeting took place at MMK.

All the proposed resolutions were approved by shareholders. The resolutions included the approval of the annual report, annual accounting statements and income statement.

The shareholders took the decision not to pay out final dividends for 2008. Interim dividends for 2008 were set at the rate of 0,382 RUR per ordinary share.

The shareholders also approved the composition of the Board of Directors. The members of the Board of Directors are: A.Gorodissky, S.Krivoshchekov, K.Levin, Sir David Logan, V.Rashnikov, Z.Rustamova, G.Senichev, R.Takhautdinov, Peter Charow and V.Shmakov. Five members of the Board of Directors are independent. The composition of the Auditing Committee was approved. Deloitte & Touche CIS were re-appointed as auditors.

Speaking at the Annual General Meeting today, Victor Rashnikov, Chairman of MMK, commented: «The year 2008 was the most controversial year in MMK history. On the one hand, the favorable economic situation of the first nine months enabled MMK to achieve high production and economic results. On the other hand, a sharp phase of the global economic crisis at the end of the year affected MMK’s plans. Nevertheless, overall 2008 production results can be characterized as high and the financial position of MMK Group as stable.

Magnitogorsk has gone through tougher times; we will also manage the current situation. MMK has everything needed: crisis-management experience, highly qualified personnel, modern equipment and state of the art technologies, strong competitive advantages and the potential generated during last years».