Representatives of VTB Bank are in Metalloinvest Board of Directors

A new Board of Directors was elected on the 11th of August 2009 in accordance with the decision of the Metalloinvest Management Company.

Joining the Board for the first time are Aladyshev Kirill Yurievich and Musatov Andrey Igorevich.

Commenting on the new Board of Directors, Farhad Moshiri, Chairman of the Board, said:«I am confident that the newly elected Board of Directors will contribute to the strengthening of the company and to our commitment to transparency of the decision making process. We are delighted to welcome the new members of the Board and feel very positive about their future contribution».

The Board of Directors of Metalloinvest Management Company as of 12.08.09:

1. Aladyshev Kirill Yurievich
2. Buzuk Mark Sergeevich
3. Varichev Andrey Vladimirovich
4. Islamov Ulugbek Utkurovich
5. Matveenko Evgeny Lvovich
6. Mitrofanov Pavel Alexandrovich
7. Musatov Andrey Igorevich
8. Moshiri Ardavan– the Chairman of the Board of Directors
9. Potapov Eduard Leonidovich
10. Prosyanik Andrey Anatolievich
11. Streshinsky Vladimir Yakovlevich
12. Shuvalov Sergey Yakovlevich – Deputy Chairman of the Board of Directors

The new Board of Directors provided a positive endorsement of the measures taken by Metalloinvest management to tackle the global economic crisis.

The chairman of the Board of Directors Farhad Moshiri stated that the management of the company devised and implemented on schedule the turnaround program and accomplished all the targets set by the shareholders and the Board of Directors.  

“The company management coped with the objective of decreasing costs and increasing the efficiency of all our assets, — said Farhad Moshiri. — It was possible due to production optimization and the cutting of management expenses. For the period to the end of the first half of  2009 production costs were lowered significantly, which allowed us to remain both profitable and competitive».

Mr. Moshiri also noted that during the period of crisis there were no retrenchments at any of the Company’s plants and all social responsibilities were met to the maximum extent possible.