Mechel JSC, an ore mining and metallurgical company, held the annual general meeting on July 3, 2006, the company’s spokesperson said to UrBC representative.

The shareholders declared the dividend of 12.73 RUR per registered paperless share for 2005. The total amount of money meant for the payment of dividends should reach the point of 5.3 billion RUR ($195.7m). According to the Generally Accepted Accounting Principles of the United States, the dividends make up 50% of the company’s net profit. The dividends will have been paid on account by no later than December 31, 2006.

The attendees also elected the new Board, namely: Alexander Evtushenko (independent director), Roger Gale (independent director), Vladimir Iorich, Arthur David Johnson (independent director), Alexei Ivanushkin, Serafim Kolpakov (independent director), Alex Polevoy, Valentin Proskurnya (independent director), , and Igor Zyuzin. The number of the members hasn’t changed compared to the year before. Igor Zyuzin was elected Chairman; the independent directors still make up the majority of the Board Members.

The shareholders also approved of the company’s annual report, the accounting report compiled according to Russian accounting standards (including the P&L statement), elected the inspection committee, and approved of the amendments to the company’s Charter.

Financial and Accounting Consultants Ltd. of Moscow was elected the company’s auditor for 2006.