Annual report 2007 - Magnitogorsk Iron & Steel Works ...

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32 In order to implement its Mission and efficiently organize its activities the MMK Group maintains constant relations with • shareholders and investors; • the Company’s personnel and trade unions; • Federal and Local Government Authorities and Political Parties • local communities ; • educational institutions; • environment protection organizations; • consumers; • suppliers and contractors. Relations with Shareholders and Investors The basic principle t of OJSC MMK’s corporate policy are in line with international and protect the shareholders’ and investors’ rights.. The OJSC corporate policy is based on the principles of equal treatment of all shareholders and compliance with the requirements of the RF legislation in the sphere of corporate management and information dosclosure. ; • • • MMK, on a quarterly basis, publishes the following information on its Internet site: financial statements according to international standards; securities issuer’s quarterly reports; reports on compliance with the corporate governance code. Following the publication of the statements and information on other material events MMK organizes conferences and road-shows with foreign investors and shareholders involving MMK’s top managers. After OJSC MMK accessed the international stock market and increased its free float, it came under close scrutiny of analysts of Russian and international banks and investment funds who, on a regular basis, issue reports on the Company’s activities. Each November MMK organizes group visits of the Company for investment banks’ analysts. MMK’s financial calendar of OJSC MMK is available at: http://www.mmk.ru/rus/shareholders/fin_calendar/index.wbp. Relations with the Company’s Employees and the Unions The human resources is MMK’s greatest value. The Company’s prosperity is based on employees’ professionalism and satisfaction with their labour. The main document regulating the relations between the companies of the MMK Group and their personnel is the collective agreement encompassing all the aspects of social and labor relations, such as remuneration of labor, production, labor discipline, labor competition, occupational safety and health, conditions of work and rest, skills development and training, medical service, support to youth and retired employees. Performance of this agreement is monitored by authorized government authorities and the Union Committee of the MMK Group which includes more than one hundred fifty shopfloor union committees of MMK and unites in its ranks 98% of the employees. . The key task of MMK’s union organization is to protect the employees’ rights, social guarantees and interests. Full information on the activities of the union is provided at www.profkom.mmk.ru. The Company employees can receive qualified counsel on all issues of interest by calling union leaders on special hot line numbers to (such hot line numbers are available at the site of the Company’s Union Committee ). The chairman of the Company’s Union Committee is a member of the OJSC MMK Management Board which serves to bring the Company’s union and top management closer together. One of the most important functions of MMK’s union organization is to secure the employees’ social guarantees
as regards the organization of their treatment at health resorts, vacations and recreation for their families and children. MMK creates conditions for tapping the creative potential of the Company’s employees. In 2007 the Company organized competitions, such as the Best Young Worker By Trade, scientific conferences for young specialists, multiple sports events, including those for entire families, a photo contest “MMK’s Girls”, and many others. In 2000, with support from the Company’s administration and the union, a corporate women’s movement (“Ya Zhenschina”) was set up whose key goals are to: • • • • protect mothers and children; revive the significance of the family and its role in society; give assistance to women in complicated situations; take actions to help protect women’s health. To help young employees adapt to MMK’s environment and provide impetus to their professional development MMK organized a Young Steelmakers’ Union. To ensure efficient feedback between the Company’s management and personnel monthly meetings are held involving the rank-and-file and top managers. Mass media play an important role in employees’ relations. The Company’s information policy is aimed at forming the Company’s image as that of a reliable business partner and a socially responsible organization. • • • • • ANNUAL REPORT OPEN JOINT-STOCK COMPANY MAGNITOGORSK IRON & STEEL WORKS SEASON 2007 MMK owns the following mass media: the Company’s official Internet site (www.mmk.ru), which provides for a possibility of feedback; The Magnitogorski Metall daily (www.mmgazeta.ru) which publishes information on the most important events within the Company and beyond. On its site the readers can post their opinions on any issues raised by the daily; the Brigada (“workteam”) bulletin which primarily targets MMK’s employees. It publishes articles analyzing labour relations issues, social and economic experience in modern conditions, including the union activities’ experience; the TV-IN television channel featuring the so-called Vremechko news show, with the news provided by the residents of Magnitogorsk themselves; the MMK Radio Centre broadcasts the Social Panorama program which highlights socially important issues connected with MMK’s operations. 33
Page 2 and 3: DISCLAIMER The present Annual Repor
Page 4 and 5: Victor Rashnikov, Chairman of the M
Page 6 and 7: Description Capitalization (as at y
Page 8 and 9: Content INTRODUCTORY ADDRESS of Vic
Page 10 and 11: In 2007 the Magnitogorsk Iron and S
Page 13 and 14: ANNUAL REPORT OPEN JOINT-STOCK COMP
Page 23 and 24: Human Resources The average payroll
Page 29 and 30: Using these mills, MMK manufactures
Page 31: ANNUAL REPORT OPEN JOINT-STOCK COMP
Page 35 and 36: Relations with Local Communities in
Page 43 and 44: • • • ANNUAL REPORT OPEN JOIN
Page 49 and 50: 10,000 8,000 6,000 4,000 2,000 0 AN
Page 51 and 52: 70 60 50 40 30 20 10 0 Assets Curre
Page 53 and 54: 4 3 2 1 0 Liquidity dynamics of MMK
Page 55 and 56: In accordance with its borrowing po
Page 59 and 60: 1.0 0.8 0.6 0.4 0.2 Trends in OJSC
Page 65: The growing demand and buoyant pric
Page 68 and 69: 8 Major Regional Markets for OJSC M
Page 70 and 71: 70 LLC Uralsibtrade OJSC Uraltrubpr
Page 72 and 73: 72 The changes in the domestic sale
Page 74 and 75: 7 Victor Kutischev, OJSC MMK’s Co
Page 76 and 77: 7 Overview of the Iron Ore and Coal
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ANNUAL REPORT OPEN JOINT-STOCK COMP
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• • Expenditures on major capit
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tons thanks to the installation of
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Currency Risk A significant portion
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Goals Planned value Actual value Ac
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The average wages at MMK are 35% hi
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# Causes of injuries 2003 200 200 2
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Environmental Expenditures 2007 saw
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6.00 5.16 5.00 4.00 3.00 2.00 1.00
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128 Exhaustive, precise and timely
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130 Report on Payment of Declared (
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132
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13 Information on Equity Capital As
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13 Liubov Gamper, OJSC MMK’s Dire
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138 Audit Committee Chairman of the
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1 0 # 5. 6. 7. Provisions of the Co
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1 2 # 18. 19. 20. 21. 22. 23. Provi
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1 # 31. 32. 33. 34. 35. 36. 37. Pro
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1 # 45. 46. 47. 48. Provisions of t
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1 8 # Provisions of the Code of Cor
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1 0 # 73. 74. 75. Provisions of the
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1 2 Director for Sales Director for
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1 Commercial Director Director for
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1 • • • • • • • •
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1 8 • • • • • • • •
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1 0 Protection Policy which regulat
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1 2 Sergey V. Krivoshchekov (born i
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1 - exercises the authorities of th
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1 Victor A. Kutischev (born in 1958
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1 8
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170
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172 1. Date of Publication of the L
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• settlement procedure - by insta
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24) Services Agreement # 150577 bet
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• • • validity period - till
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The following persons are recognize
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The following persons are recognize
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61) rental agreement # 152445 betwe
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• validity period - from the date
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days from the receipt of invoice;
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• • • settlement procedure -
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The Body which approved the transac
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• • • validity period - till
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• • • • ANNUAL REPORT OPEN
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• settlement procedure - funds tr
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164) paid service agreement # 16001
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There are no beneficiaries under th
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during the shipment, with a discoun
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• supply period - until next Annu
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CONSOLIDATED BALANCE SHEETS AS OF D
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Note Years ended December 31, 2007
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ASSETS I. NON-CURRENT ASSETS Line c
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LOSS AND PROFIT STATEMENT for 2007
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BREAKDOWN OF INDIVIDUAL PROFITS AND
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3.3 Reporting cycle Date of Publica
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EN10 Percentage and total volume of
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The OJSC MMK’s Annual Report is e
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