Annual Report 2010 - Magnitogorsk Iron & Steel Works

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Highlights of 2010 and 20112010JanuaryA 200,000 tpy colour coatingline was put into operation inIskenderun (MMK's steel-makingplant in Turkey).MMK held a meeting of thecoordination council with OJSCTMK, the largest Russian pipeproducer ranking #3 in the world.FebruaryMMK's BOF Division started up anew secondary steel treatment unitwhich allows to produce pipemakinghigh strength steel gradesto international standards for the5,000 mm Plate Mill.ProjectFinance, part of theEuromoney media Group,recognized the financingtransaction for MMK's Turkish steelmaking plant as "the Deal of theYear".MarchMMK was visited by Ralph Lysyshyn,the ambassador of Canada.MMK was certified for compliancewith STO Gazprom 9001:2006quality management systemstandards.Trade Finance Magazine, aspecialized publication of theEuromoney Institutional InvestorGroup, recognized the financingtransaction for MMK's Turkish steelmaking plant as "the Deal of theYear"A coordination council of MMKand the ChTPZ (ChelyabinskPipe-Making Plant) Groupreviewed the results of 2009 andconsidered the prospects for along-term cooperation between thecompanies.APRILMMK joined the ranks of ForbesGlobal 2,000.MMK announced the IFRS financialresults for 2009:• MMK's 2009 revenuetotaled USD 5.081 bn.• EBITDA margin was 25%.A new product - rolled strip coatedwith protective and decorativefilm - was introduced at MMK's newcolour coating line.MMK joined the Forbes Global2,000, the list of the world's leadingcompanies.MMK won the prize for the BestInnovative Project as part ofthe Russian Industrialists andEntrepreneurs Union's Competition"Best Russian Companies. Growth,Performance, Reliability 2009".MMK's steel making plant in Turkeycommissioned a 450,000 tpy hot dipgalvanizing line.MMK placed a 3-year, RUB 8 bnissue of exchange-traded bondsincluded in the MICEX quotationlist, with a coupon rate of 7.65%.MMK's registrar, ZAO Status,changed its address toUl.Novorogozhskaya 32, Bldg 1,Moscow, 109544.10
16 22 26 28 32 38 50 72MMK , sBusiness ModelMMK’s Missionand StrategyOJSC MMK Boardof Directors'The Company'sProductionSales MarketsFinancesCorporateGovernanceEnvironmentProtectionMayMMK's Annual GeneralShareholders' Meeting took place.MMK hosted the conference"Russian Rolled Steel Market2010" attended by executives andspecialists of steel making and steeltrading companies, steel servicecentres, and specialized media fromRussia, Ukraine and Belarus.MMK took part in the XVIIISpecialized International Exhibition"Gas, Oil, Technology 2010".MMK's Coating Division producedone millionth ton of colour coatedsheet since the first CC line's startupin 2004. ИJuneMMK and AVTOVAZ held the 16thsession of the two companies'coordination council.MMK announced its IFRS results forthe 1st quarter of 2010:• MMK Group's 1Q 2010 revenuetotaled USD 1.652 bn;• EBITDA margin was 22.6%.MMK won in the competition "BestRussian Exporter 2009" sponsoredby the Russian Ministry of Industryand Trade.A consortium of the RussianDirectors Institute and the leadingnational rating agency Expert RAassigned to MMK a rating of "7+"(Advanced practice of corporategovernance) on the nationalcorporate governance rating (NCGR)scale.The coal producer OJSC Belon, acompany of the MMK Group, wonthe auction for the mineral rights toa part of the Nikitinsky coal deposit,with estimated reserves of 132million tons of coking coal.JulyVictor Rashnikov, the Chairmanof MMK's Board of Directors, tookpart in the meeting of the RussianPresident Dmitry Medvedev andthe German Chancellor AngelaMerkel with Russian and Germancompanies and businessmen,including the leading Germanequipment manufacturers whichsupply over 70% of equipment forMMK's modernization program.Victor Rashnikov, the Chairmanof MMK's Board of Directors, waselected President of the RusskayaStal Non-Commercial Partnership.OJSC Belon increased coalproduction by 996,000 tons in the1st half of the year, 32% up on theprevious year.Vladimir Putin, the Russian PrimeMinister, chaired a meeting inChelyabinsk dedicated to theRussian steel sector's development.MMK's modernization effort andenvironment protection measureswon high recognition at themeeting. .Steel & Style , 10 MMK ANNUAL REPORT 11
Page 4 and 5: ContentsAnnual Report2010Editor-in-
Page 6 and 7: Products for the Automotive Sector6
Page 8: Statement of the Chairmanof the Boa
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Page 16 and 17: Business Model ММК16
Page 18 and 19: 18Diverse Product Mix and Sales Foo
Page 20 and 21: Significant Growth Potential20
Page 22 and 23: NEW TRACKSMMK’s Missionand Strate
Page 24 and 25: To localize their production, forei
Page 26 and 27: OJSC MMK Board of Directors' Report
Page 28 and 29: The Company's ProductionOperationsT
Page 30 and 31: The Company's Production Operations
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Page 37 and 38: Any colouror hue foryourproduct!Col
Page 49 and 50: The Head of the State also highly p
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Risk ManagementIn 2010, the followi
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MMK Industrial Waste108644,8Total s
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Stakeholder EngagementCorporate soc
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Demag, ThyssenKrupp, АМСОМ, AL
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Information forShareholders andInve
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OJSC MMK Share Quotes and Trading V
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conferences for investors with MMK
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Open Joint Stock CompanyMagnitogors
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CONSOLIDATED STATEMENT OF FINANCIAL
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CASH FLOW
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Information on Companies in Which O
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Part Description PagePart 2: Financ
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Use of the GRI Reporting Framework
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No. Description Pages CommentsEN2 P
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General Information on OJSC MMKFull
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Annual Report 2010 - Magnitogorsk Iron & Steel Works

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