MMK prepares for shareholder meeting

The board of directors at Magnitogorsk Iron & Steel Works met on Monday following last week’s announcement of fourth quarter loses amounting to $67 million.

The meeting was held in order to discuss issues pertaining to the MMK annual general shareholder meeting. One of the main recommendations issued by the board for the upcoming meeting is the future approval of a board-nominated company auditor, reports.

The meeting, scheduled for May 25, will require attention from MMK shareholders regarding approval of the company’s 2011 annual report, which the board preliminarily approved at Mondays gathering. The board of directors also recommended that no dividends be paid for fiscal year 2011, outlining and approving the specific documents to be forwarded as reference material for shareholders to review prior to the annual general meeting

Russian steelmakers, including MMK, suffered in 2011 from lower steel prices as well as a strong Ruble that hurt the export-economy, according to

Magnitogorsk Iron & Steel Works is the third largest steelmaker in Russia and is controlled by Russian billionaire Victor Rashnikov.

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