News

16 June 2006

New members of Company’s Board Committees approved

New members of three Board Committees of Novolipetsk Steel (NLMK) - Strategic Planning Committee, Audit Committee and Personnel, Remunerations and Social Policy Committee – were approved.

Vladimir Skorokhdov, Nikolai Gagarin, Nikolai Lyakishev, Oleg Bagrin, Carl Doering, Alexey Lapshin and Vladimir Nastich were elected to the Strategic Planning Committee, chaired by Vladimir Lisin. The Committee works out and submits to the Board of Directors the recommendations on priority guidelines for the Company and its development strategies, including long-term measures for enhancement of the Company's efficiency, increase in assets, profitability and attractiveness for investments.

Oleg Bagrin and Igor Fyodorov were elected to the Audit Committee, chaired by Randolph Reynolds. This committee works out and submits to the Board of Directors the recommendations on efficient control of financial and economic activities of the Company, including annual independent external auditing of financial statements

Carl Doering, Stanislav Tsyrlin and Sergey Melnik were elected to serve on the Personnel, Remunerations and Social Policy Committee, chaired by Dmitry Gindin. The main objective of this committee is drafting recommendations on personnel policy of the Company and remuneration to members of management bodies and Internal Audit Commission of the Company. The Committee also deals with social issues of the Company, environmental safety and cooperation with state and local authorities.