August 22, 2008

MMK announces results of AGM

MMK is pleased to announce that all the resolutions proposed at its Annual General Meeting were approved by shareholders.

This included the approval of the annual report, annual accounting statements and dividend payments. The dividend payment for 12 months of 2007 is set at 0,502 RUB per ordinary share.

The shareholders also approved the Board of Directors.

Deloitte & Touche CIS were approved as auditors.

Mr Victor Rashnikov Chairman of MMK speaking at the Annual General Meeting commented that "2007 has been a landmark year in MMK’s development. We are very proud to have become a publicly listed company and to have welcomed a new, expanded base of high quality international and domestic investors. Overall, in terms of our financial and operational performance, this has been a very successful year for MMK.”

He said “Through our transaction with Belon and the development of Prioskol iron ore deposit, we have taken a major strategic step forward towards raw material security. Furthermore, we are continuing with our strategy of expanding internationally which we have advanced through our partnership in Turkey. Given the positive outlook both for steel prices and for demand, we expect further strong progress in 2008."