Results of NLMK Board of Directors meeting
Decision on Management Board members
The Board of Directors approved the composition of the NLMK Management Board, appointing 11 members. Under the new management structure, announced by the Company on January 29, 2013, the position of Senior Vice President - General Director has been abolished, and the position of NLMK Managing Director has been introduced.
The Board appointed the following Management Board members:
– Mr Oleg Bagrin, President (Chairman of the Management Board);
– Mr Dmitry Baranov, Vice President, Sales;
– Mr Alexander Burayev, Director, Long Products and Metalware;
– Mr Brijesh Garg, Vice President, Procurement;
– Mr Alexander Gorshkov, Vice President, Head of Iron Ore Division;
– Mr Yuri Larin, Vice President, Technology Development & Operational Efficiency;
– Mr Alexander Saprykin, Vice President, Head of Сoal Division;
– Mr Alexander Sapronov, Vice President, Logistics;
– Mr Grigory Fedorishin, Vice President, Finance;
– Mr Sergey Filatov, Novolipetsk Steel Managing Director;
– Mr Stanislav Tsyrlin, Vice President, HR & Management System.
Decision on participating in auction to acquire NSMMZ shares
The Board of Directors made the decision to approve the Company’s participation in the loans-for-shares auction for 35.59% of shares of the Open Joint Stock Company Nizhneserginsky Hardware and Metallurgical Works (NSMMZ). The auction is part of the Maxi-Group bankruptcy proceedings. This decision was made primarily to protect the interests of NLMK as NSMMZ’s largest creditor. NSMMZ’s debt to NLMK is over RUB 52 billion, mostly constituting loans aimed at restructuring NSMMZ’s debts to third parties accrued during the period prior to NLMK’s acquisition of control over Maxi-Group.
Decision on business operations
As part of the Company’s business operations, the Board of Directors made a number of decisions, including the approval of several related-party transactions.
On January 29, 2013 Sergey Filatov was appointed to the position of NLMK’s Managing Director. Mr Filatov has been with NLMK since October 2012, serving as Deputy Senior Vice President - General Director for Production and Technology. From 2009 to 2012 he served as Chief Engineer at NTMK. Mr Filatov graduated from the Moscow Institute of Steel and Alloys. He holds a Ph.D. (Tech.), and is an Honorary Metallurgist of Russia.