OREANDA-NEWS. On June 30, 2008 The Annual General Meeting of PSC VSMPO-AVISMA Shareholders was held in Verkhnaya Salda. PSC VSMPO-AVISMA shareholders adopted the annual report, the annual accounting including the Company income statement for 2007, reported the press-centre of VSMPO-AVISMA.

Vladislav Tetyukhin, the Company Director General, noted in his speech that “ in 2007 the Corporation team worked within the framework of the 2007-2012 strategic development program implementation.

The major objectives of the program are: firstly, achievement of marketable titanium product production rate of 46-47 thousand tons in 2012, i.e. increase of 2007 production rate by 1.7; secondly, achievement of the required profitability, energy preparedness, environmental and process safety of the Company providing adherence to all international standards for product quality”.

The Company revenue according to the Russian Accounting Standards equaled 30, 656 million rubles in 2007, i.e. increased by 2, 201 million rubles as compared to the previous year, net profit equaled 6, 216 million rubles, i.e. increased by 356 million rubles as compared to the rate for 2006.

The Annual General Meeting of Shareholders adopted distribution of PSC VSMPO-AVISMA Corporation profit/loss based on 2007 financial results. The shareholders approved dividend payments on equity shares in the amount of 53,92 per equity share at nominal value of 1 ruble (for comparison, the dividend payment amount for 2006 equaled 50,83 rubles per share).

FinExpertiza LLC, Moscow was approved as PSC VSMPO-AVISMA public accountant for 2008.

Also, Alexey V. Alyoshin, Michael V. Voevodin, Nikolai K. Melnikov, Vladislav V. Tetyukhin, Sergey V. Tchemezov, Michael E. Shelkov and Vladimir P. Tankeev were elected as members of the Board of Directors of PSC VSMPO-AVISMA Corporation.

According to the results of the opening sitting of the Board of Directors, Sergey V. Chemezov was elected as the Chairman of the Board of Directors, Alexey V. Alyoshin and Michael E. Shelkov were elected as the Vice-Chairmen.