Interfax reported that the Evraz Group has voted Vnesheconombank representatives off the boards of directors at its Nizhny Tagil Iron & Steel Works and West Siberian Iron & Steel Works following loan repayments.

Neither company will pay dividends for 2009, which ZSMK closed with net profit of RUB 81.8 billion to Russian Accounting Standards. NTMK posted profit of RUB 7.133 billion.

VEB opened USD 1.8 billion in credit facilities for Evraz at the end of 208 to refinance syndicated bank loans. Evraz paid off USD 800 million in December 2009 and the remainder at the end of May after it had raised a longer-term Gazprombank loan of USD 950 million, maturing in 2015.

Both NTMK and ZSMK augmented their boards to six members to accommodate a VEB representative while the loans were outstanding. The boards are now down to five again.

(Sourced from Interfax)