Annual general meeting of OJSC Power Machines shareholders

Annual general meeting of open joint-stock company “Power Machines” took place on 26 June, 2009 – including ZTL, LMZ, Electrosila, Energomachexport (OJSC Power Machines).

Shareholders of OJSC Power Machines approved the annual report and accounting statement of the Company, including the Profit and Loss account for 2008.

The Company Board of Directors consisting of eight members was elected. Seven Directors from previous Board were reelected, namely, Alexey Mordashov (General Director, OJSC Severstal), Alexey Egorov (Deputy General Director, OJSC Severstal), Michael Suess (Vice President, Power Generation Group, Siemens Aktiengesellschaft), Hans-Yurgen Vio (Vice President, Siemens, Russia), Igor Kostin (General Director, OJSC Power Machines), Igor Voskresensky (General Director, Universal Invest LLC) and Dmitry Sanin.

Director for Economics and Finance of OJSC Power Machines, Vadim Chechnev, also became a Board member.

The meeting of OJSC Power Machines shareholders elected the audit committee of the Company that includes seven members. Rosexpertiza LLC was elected as the Auditor.

Shareholders approved transactions between OJSC Power Machines and OJSC Severstal that might be effected in future as part of the ordinary economic activity of the joint-stock company.

Meeting of OJSC Power Machines shareholders resolved not to distribute the profit of 2008 and not to pay dividends due to implementation of the investment programme aimed at expansion of the production facilities.