An annual general meeting of Magnitogorsk Iron & Steel Works (MMK) stockholders was held in Magnitogorsk recently. The shareholders decided to declare a dividend of 0.33 RUR per one ordinary share for the year 2010. They also decided that MMK Management Company should no longer be the sole executive body and that these powers should be relegated to MMK Director-General.

The person elected for the position was Boris Dubrovsky, MMK press service reports.

Boris A. Dubrovsky was born in Magnitogorsk, Chelyabinsk Region, on November 22, 1958. He graduated from Magnitogorsk Mining & Metallurgical Academy cum lauda in 1990, with a major in Metal Forming. In 2001, he also graduated from the Russian Presidential Academy of National Economy & Public Administration.

In 1976, Dubrovsky started working at Magnitogorsk Iron & Steel Works as an apprentice to the first-rate supervisor of the technical control department. After serving his term in the army, he came back to MMK as a metallurgical equipment mechanic, a foreman of the repair men, head foreman and head of the rolling department, deputy director and director of the sheet-rolling department, and the chief millman of Magnitogorsk Iron & Steel Works.

In 2000, Boris Dubrovsky was appointed Deputy Commercial Director & Head of Machinery Management and two years later he became the Technical Director and MMK’s Chief Engineer. In 2002-2003, he combined his office duties with the responsibilities of the Director-General of Magnitogorsk Metal Goods & Metallurgical Plant.

In 2003-2008, Dubrovsky was the Domestic Sales Director, Sales Director, and CEO Magnitogorsk Iron & Steel Works.

Between 2009 and May 2011, he was First Deputy DG of Uralvagonzavod Scientific and Production Corporation.

After the closure of the AGM, the first MMK BOD meeting was held where President of MMK Management Company Viktor Rashnikov was elected Chairman.

Magnitogorsk Iron & Steel Works (MMK) is one the world’s leading steel manufacturers and one of Russia’s top ferrous metallurgical enterprises. The company’s Russia-based assets comprise a large iron and steel works with a full production cycle from iron ore raw stuffs processing to deep-level processing of ferrous metals. MMK manufactures a wide range of metal goods where value-added ones make up a significant share. MMK Group produced 11.4m tons of steel and 10.4m tons of metal goods in 2010.