OREANDA-NEWS. January 30, 2013. NLMK (LSE: NLMK), one of the leading global steel companies, announces the results of its Board of Directors meeting held on January 30, 2013.

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.