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Novolipetsk Steel (NLMK)

5 June 2009 

Results of voting at the 2009 Annual General Meeting 

Novolipetsk Steel (LSE: NLMK) announces the results of voting at the Annual General Meeting (AGM) held on June 5, 2009.

Shareholders approved the Company's 2008 annual report, annual financial statements, and allocation of profit including dividend payment for the financial year 2008.

NLMK's shareholders approved the total dividend for the financial year 2008 of RUR2.0 per ordinary share. In view of interim dividend of RUR2.0 per share declared and fully paid for the first half of 2008, the AGM approved no dividend payment for the second half of 2008. 

NLMK shareholders elected members to the Board of Directors, the Internal Audit Commission and the President of NLMK (Chairman of the Management Board) and approved revised versions of Company's internal documents (the Charter of OJSC 'NLMK', the Regulations on the procedures for holding general meeting of shareholders (GMS), the Regulations on the Board of Directors of OJSC 'NLMK' and the Regulations on the Management of OJSC 'NLMK'). 

NLMK shareholders elected nine members to the Board of Directors: Vladimir Lisin (Chairman), Oleg Bagrin, Bruno Bolfo (independent director), Nikolai Gagarin, Dmitry Gindin, Karl Doering (independent director), Randolph Reynolds (independent director), Vladimir Skorokhodov and Igor Fyodorov. Thus, NLMK currently has three independent directors. 

New members of the Company's Internal Audit Commission have been approved by NLMK shareholders: Tatyana Gorbunova, Liudmila Kladienko, Valeriy Kulikov, Larissa Ovsyannikova and Galina Shipilova. 

Alexey Lapshin was elected President of the Company (Chairman of the Management Board). A biography of Alexey Lapshin can be found at: http://www.nlmksteel.com/StandardPage____725.aspx  

ZAO PricewaterhouseCoopers Audit was approved as the Company's Auditor for 2009. 
ZAO PricewaterhouseCoopers Audit was approved to conduct an audit of the Company's financial statements prepared in accordance with US Generally Accepted Accounted Principles (US GAAP). 

In accordance with current Russian Federation legislation, the Annual General Meeting of shareholders approved following related party transactions:

• An agreement between Novolipetsk Steel and Stoilensky GOK for a purchase of iron ore concentrate and sinter ore for an amount of up to RUR14.1 billion  including VAT (transportation costs are excluded).The effective term of the transaction is January 01, 2009 - December 31, 2009

• An agreement between Novolipetsk Steel and Altai-koks for a purchase of coke for an amount of up to RUR10.6 billion including VAT (transportation costs are excluded). The effective term of the transaction is January 01, 2009 - December 31, 2009.

NLMK shareholders approved NLMK's participation in the Russian industrial employers' association 'Association of Russian Metals and Mining Industrialists.'  More details on the organization you may find at www.ampoc.ru.

NLMK's shareholders approved the remuneration of members of NLMK's Board of Directors for 2008. The remuneration was determined in accordance with the 'Regulations on the Board of Directors members' remuneration.' The total remuneration of Board Members for 2008 amounted to USD1,795,250  including a combined annual bonus of USD1,720,000.

You can find detailed information on the documents approved during the AGM in Russian at www.nlmk.ru or in English at www.nlmksteel.com.

 

The following resolutions were put to NLMK's shareholders on a poll at the Annual General Meeting and the results of voting were as follows:

 

 

	Resolution	Votes For	Votes Against	Votes Abstained	Results
1.1	To approve the Company's 2008 Annual Report, annual financial statements, distribution of the Company's profit in 2008 financial year	5,476,190,288 94.4063%	561,885 0.0097%	849,530 0.0146%	carried
1.2	To approve payment of dividends on issued common shares for 2008 totaling RUR2.00 per common share. In view of interim dividend of RUR2.0 per share declared and fully paid for the first half of 2008, to pay no dividends for the second half of 2008.	5,470,512,423 94.3085%	4,427,322 0.0763%	1,869,450 0.0322%	carried
2	Election of members of the Board of Directors of NLMK*	49,208,302,496 94.2581%	3,877,364 0.0074%	16,832,797 0.0322%	carried
3	To elect  President of NLMK (Chairman of the Management Board) - Alexey LAPSHIN	5,474,999,749 94.3858%	1,959,583 0.0338%	668,856 0.0115%	carried
4	To elect members to the Company's Internal Audit Commission
4.1	Valeriy KULIKOV	5,474,715,332 94.3809%	88,088 0.0015%	1,138,149 0.0196%	carried
4.2	Larissa OVSIANNIKOVA	5,474,413,395 94.3757%	60,780 0.0010%	1,283,712 0.0221%	carried
4.3	Galina SHIPILOVA	5,474,448,843 94.3763%	56,263 0.0010%	1,252,781 0.0216%	carried
4.4	Tatyana GORBUNOVA	5,474,914,950 94.3844%	40,755 0.0007%	1,199,718 0.0207%	carried
4.5	Ludmila KLADIENKO	5 458 310 168 94.0981%	16 211 955 0.2795%	1,230,759 0.0212%	carried
5.1	Approval of the Company Auditor, ZAO  'PricewaterhouseCoopers Audit'.	5 474 328 718 94.3742%	603 159 0.0104%	967 504 0.0167%	carried
5.2	Approval of the Company Auditor, ZAO 'PricewaterhouseCoopers Audit' to conduct an audit of the Company's financial statements prepared in accordance with US Generally Accepted Accounting Principles (US GAAP).	5,474,077,806 94.3699%	664,935 0.0115%	988,525 0.0170%	carried
6	Approval of the revised versions of NLMK's internal documents.
6.1	The revised version of the Charter of OJSC 'NLMK'.	5,471,360,798 94,3231%	355,079 0,0061%	4,530,616 0,0781%	carried
6.2	The revised version of the Regulations on the Board of Directors of OJSC 'NLMK'.	5,471,091,729 94,3184%	282,012 0,0049%	4,589,570 0,0791%	carried
6.3	The revised version of the Regulations on the Management of OJSC 'NLMK'.	5,471,158,425 94.3196%	236,252 0.0041%	4,561,530 0.0786%	carried
6.4	The revised version of the Regulations on the procedures for holding general meeting of shareholders (GMS).	5,471,411,809 94.3240%	357,081 0.0062%	4,207,332 0.0725%	carried
7	Approval of related party transactions				carried
7.1	An agreement between Novolipetsk Steel and Stoilensky GOK for a purchase of iron ore concentrate and sinter ore for an amount of up to RUR14.1 billion including VAT (transportation costs are excluded). The effective term of the transaction is January 01, 2009 - December 31, 2009.	5,472,044,789 91.3055%	33,033 0.0006%	4,164,081 0.0695%	carried
7.2	An agreement between Novolipetsk Steel and Altai-koks for a purchase of coke for an amount of up to RUR10.6 billion including VAT (transportation costs are excluded). The effective term of the transaction is January 01, 2009 - December 31, 2009.	5,471,288,498 91.2929%	176,891 0,0030%	4,099,016 0.0684%	carried
8	Participation in the Russian industrial employers' association 'Association of Russian Metals and Mining Industrialists.'	5,472,495,100 94.3426%	294,008 0.0051%	3,437,636 0.0593%
9	Payment of remuneration to the members of the Board of Directors	5,469,714,096 94.2947%	3,226,715 0.0556%	3,176,275 0.0548%	carried

 

* Cumulative voting results are presented below:

 The resolution on the election of Board of Directors members is voted upon by cumulative voting, i.e. one voting share gives the number of votes equal to the number of the members in the Board of Directors. When voting, the shareholder is entitled to cast all his votes in favor of one nominee or to distribute them between several nominees. In accordance with the cumulative voting results, the following Board members were elected: 

	Board Members
1.	Oleg BAGRIN
2.	Bruno BOLFO
3.	Nikolai GAGARIN
4.	Dmitry GINDIN
5.	Karl DOERING
6.	Vladimir LISIN
7.	Randolph REYNOLDS
8.	Vladimir SKOROKHODOV
9.	Igor FYODOROV

For further information:

NLMK

Anton Bazulev +7 495 915 1575

Financial Dynamics

Jon Simmons +44 207 831 3113

 

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