On March 6 the scheduled shareholders meeting of OJSC "A.N.Kuzmin Electrometallurgical Company "DNEPROSPETSSTAL" was held.
The 54 participants present at the meeting represented the interests of the company's shareholders owning 95.7% of the total stock.
The agenda for the shareholders' meeting consisted of 14 points including transfer of the register of shareholders, review of the Board of Directors report on Operations and Financial Results and subsidiaries for the year 2007, reports of the Supervisory Board and the Auditing Commission for the year 2007, approval of the Company's annual report and balance sheet as well the Profit Distribution Plan and the Procedure for Dividend Payment.
A report on operations and financial results of OJSC "A.N.Kuzmin Electrometallurgical Company "DNEPROSPETSSTAL" for the year 2007 was presented by Sergey Kiyko, First Vice Chairman of the Board - Director for Finance and Economics. Mr. Kiyko pointed out positive trends in production dynamics. Based upon operating results for the year 2007 the Company's main production and performance indicators were as follows:
- total steel produced- 549.1 thousand tons, 105.9% as compared with the prior year;
- total rolled steel produced - 350.7, 106.1 % as compared with the prior year;
- total shipments from the company- 343.8 thousand tons, 104.7 % as compared with the prior year.
- total commodity output- 3,750.1 thousand tons, 146,6 % as compared with the prior year.
- sales of industrial output- 3,736.8 thousand tons, 147,1 % as compared with the prior year.
Positive sales results were achieved due to several factors including expansion of sales markets and changes in the structure of steel grades produced. Thus, in the past year, production of high-alloy steel grades was increased and now the share of such steel grades in total rolled steel output exceeds 40%. Other achievements include reduction in the quantity of products rejected for quality reasons and lower specific energy consumption levels.
The shareholders meeting approved the Board of Directors report as well as the reports of the Supervisory Council and the Auditioning Commission. Also new members of the Board were elected - Alexandr Panchenko, Sergey Kasyan and Zhel'ko Marchek.
As to profit distribution, the decision was made to direct the sum of 673,684 thousand hryvnias to replenish the Company's cash assets and the sum of 344,009 million hryvnias - to make dividend payments to shareholders. Hence, the sum payable per share amounts to 320 hryvnias. Dividends will be paid as of 13 March.