26 September 2012
Results of NLMK Board of Directors meeting
NLMK (LSE: NLMK), the leading global steelmaking company, today announced that its Board of Directors (“the Board”) has considered the proposal to nominate Mr. Oleg Bagrin, Executive Vice President and a member of NLMK Group’s Board of Directors, as candidate to the position of NLMK President and Chairman of the Management Board. The candidacy was put forward by NLMK’s majority shareholder. A vote on the nomination of Mr. Oleg Bagrin to this position will be held at an Extraordinary General Meeting (“EGM”) of NLMK’s shareholders. The Board also approved draft documents in relation to the preparation and holding of the EGM. The meeting will be held in the form of absentee voting. The deadline for the receipt of voting ballots was set at October 25, 2012.
At the same meeting, the Board determined a fee cap for the audit of the Company’s financial statements prepared in accordance with US Generally Accepted Accounting Principles (US GAAP) for the first half of 2012, the first nine months of 2012, the full year of 2012 and the first quarter of 2013, and its full year 2012 Russian Accounting Standards (RAS) financial results in the amount of US$2,300,000 (excluding VAT).
Oleg Bagrin has been a member of NLMK Group’s Board of Directors since 2004.
He is Executive Vice President, Chairman of the Strategic Planning Committee and a member of the Audit Committee. Mr. Bagrin is also a Board member of a number of NLMK subsidiary companies, including NLMK International B.V. (Netherlands), NLMK Pennsylvania Corp., NLMK Indiana LLC and Sharon Coating LLC (USA).
Mr. Bagrin is Managing Director of Libra Capital, a Moscow-based investment management company. He is also a Board member of Freight One, a railroad transportation company, and ZAO “Libra Capital”, an asset management company.
Mr. Bagrin holds a graduate degree in Operations Research and a postgraduate degree in Economics from the State University of Management (Moscow), and a degree in Business Administration from the University of Cambridge (UK).