The stockholders meeting of Klyuchevsk Ferroalloy Works JSC of Dvurechensk, Sverdlovsk Region, was held on May 24, 2006. The stockholders approved of the company’s annual report for 2005 and elected a new Board of Directors.

The rearrangement of the company’s governing body is due to the appointment of Mr S. Gilvarg President of Russian Special-Property Alloys Management Company JSC. On May 24, 2006, the stockholders of Klyuchevsk Ferroalloy Works decided to delegate the authority of the sole executive body of their company to Russian Special-Property Alloys. The proprietors of Klyuchevskaya Ore Processing Factory Ltd. and of Klyuchevsky Marble and Granite Works Ltd. are going to make the corresponding decisions in the nearest future. The question of delegating the authority of the sole executive body of the company to Russian Special-Property Alloys will also be considered by the stockholders of Russian Chrome 1915 CJSC of Pervouralsk, Sverdlovsk Region during their meeting on June 26, 2006. This was reported by the united PR-department of Klyuchevsky Ferroalloy Works JSC and of Russian Chrome 1915 CJSC.