Today Annual Meeting of Shareholders of JSC Electrometallugical Works Dneprospetsstal named after A.N. Kuzmin has been held. 34 shareholders and their representatives that altogether own 94.4% of the Company’s shares have taken part in it. The shareholders have approved the report on the results of financial and economic activity of JSC Dneprospetsstal and its subsidiaries and representative offices for the year 2008.
Comparing to 2007, in the year 2008 production volume decreased as in natural so in value terms. At the same, it ought to be noted that the first three quarters of 2008 the Company maintained stable work and production output growth.
At Dneprospetsstal Net Loss reported in Income Statement made up UAH165.5 million. Meanwhile, for 9 months of 2008 the Company’s net profit was UAH169.9 million.
The most detrimental event resulted in negative Company’s operation results was unstable exchange situation related with sudden devaluation of national currency as well as revaluation of credit portfolio.
In view of profit lack the Meeting has concluded that dividends in accordance with the Company’s activity in 2008 will not be paid, allocation to reserve fund will not be made