Uralmash gives up 23.88% shareholding in Uralmashzavod

‘Uralmash Machine-Building Corporation and Uralmash Drilling Equipment are two different enterprises. The latter is not Uralmashzavod’s legal representative and is not empowered to represent the plant on the drilling equipment market. This is why Uralmashzavod cannot be held responsible for Uralmash Drilling Equipment’s performance, its terms of delivery and the quality of its products,’ the spokesperson for Uralmash Machine-Building Corporation said to UrBC. ‘Uralmash Machine-Building Corporation was set up a year ago on the basis of two large enterprises: Uralmashzavod and ORMETO-YUMZ Heavy

Moscow,љ 10 October 2008 – UC RUSAL, which owns a 25% plus two shares stake in Norilsk Nickel, today requested an Extraordinary General Meeting of Norilsk Nickel’s shareholders to elect a new, expanded Board of Directors that will represent the interest of all shareholders. UC RUSAL believes the current board has demonstrated that it is incapable of acting in the interests of all shareholders, has abused corporate governance principles and presided over the destruction of significant shareholder value. Following consultations with Norilsk Nickel’s minority shareholders, UC RUSAL is proposing

‘The setting up of a large industrial corporation by United Machine Building Works and MetalloInvest will make use of Uralmash facilities more efficient,’ Evgeniy Sergeev, General Director of United Machine Building Works (aka OMZ (Obedinennye Mashinostroitelnye Zavody, formerly United Heavy Machinery), said to UrBC. ‘The idea behind uniting Uralmashzavod and ORMETO-YUMZ Heavy Engineering Joint Stock Co. is creating a strong and competitive Russian supplier of equipment to ore mining and metallurgical enterprises in this country and abroad, which is particularly important because of Russia’s

Federal Antimonopoly Service accepted the application of Metalloinvest Management Company and United Machine Building Works (aka OMZ (Obedinennye Mashinostroitelnye Zavody, formerly United Heavy Machinery)) regarding the request to set up Uralmash Machine-Building Corporation. The Service also accepted their petition about providing the new company’s authorized capital through shares of ORMETO YUMZ and Uralmashzavod. This large corporation will unite UZTM (Ural Heavy Machine Building Plant), Uralmash-SpetsStal Ltd., OMZ DRO, OMZ Crane Ltd., and ORMETO-YUMZ Heavy Engineering Joint Stock Co.,

United Machine Building Works (aka OMZ (Obedinennye Mashinostroitelnye Zavody, formerly United Heavy Machinery) and MetalloInvest Management Company decided to set up a large industrial corporation that will unite UZTM (Ural Heavy Machine Building Plant), Uralmash-SpetsStal Ltd., OMZ DRO, OMZ Crane Ltd., and ORMETO-YUMZ Heavy Engineering Joint Stock Co. After the companies, based in Yekaterinburg and Ohrsk, merge to form one business, this large enterprise will be capable of becoming the CIS’ leading metallurgical equipment producer. The joint shares of ORMETO-YUMZ and Uralmash will amount to