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Novolipetsk Steel

September 28, 2007

Extraordinary General Meeting (EGM) – results

Novolipetsk Steel (LSE: NLMK), the leading Russian steel producer, announces the results of voting on the resolution proposed at the Extraordinary General Meeting held on 28 September 2007.

The following resolution was put to NLMK’s shareholders on a poll at the Extraordinary General Meeting, and the results of voting were as follows:

Resolution Votes For                Votes  Against Votes Abstained Results
1 To approve payment of interim dividend for the six months ended June 30, 2007 of RUR 1.5 per ordinary share (1 Global Depositary Share = 10 ordinary shares).

5537546475

(95.2080%)

  0

1 475 467

(0.0254%)

carried
2 Approval of related party transactions*
2.1 To approve iron ore supply agreement between OJSC “NLMK” (the Buyer) and its subsidiary, OJSC “Stoilensky GOK” (the Supplier). The maximum amount of the supply contract, which has an expiry date of 30 April, 2008, is 13 207 400 000 (Thirteen billion two hundred and seven million four hundred thousand) rubles.

5541065960

(92.4556%)

  99 099

(0.0017%)

2 083 861

(0.0348%)

carried
2.2 To approve the transfer of NLMK’s 50% stake in Steel Invest & Finance S.A. (Luxembourg) to NLMK 100% subsidiary, NLMK International B.V in exchange for 7000 (Seven thousand) NLMK International BV shares. NLMK’s 50% stake in Steel Invest & Finance S.A. (Luxembourg) is valued at 21 216 000 000 (twenty one billion two hundred and sixteen million) rubles.

5540538915

(92.4468%)

  335 327

(0.0056%)

3 837 894

(0.0640%)

carried
3 To approve NLMK’s participation in Automatic Identification Association “Uniscan/GS1 RUS”.

5543698475

(95.3138%)

  106 794

(0.0018%)

2 433 073

(0.0418%)

carried

* The item is subject to EGM approval according to requirements of the Russian Federation law

Further to the Dividend Declaration on 24 August 2007, the Board of Directors approved a record date for the half-yearly dividend of 24 August 2007 (00:00).   

NLMK transfers funds for dividend payments on Global Depositary Shares (GDSs) to the depositary bank on 20 November 2007. Depositary bank sets payment date no later than 5 days after receipt of funds. Dividends on GDSs will be paid, by default, in U.S. dollars (USD) based on USD/RUR spot F/X rate on the day of currency conversion by the depositary bank.

 

 

 

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