OREANDA-NEWS. January 16, 2007. TMK, one of the world’s largest oil and gas pipe producers and the market leader of the Russian pipe industry, today announces that its shareholders duly approved all the resolutions proposed at the Extraordinary General Meeting of Shareholders (EGM), which took place on December 25th 2007, in the form of a postal vote.

The following were approved by shareholders:

- Decision to approve interim dividends, for the first 9 months of 2007, of RUR 3.63 per share (approximately USD* 0.60 per GDR). A total of RUR 3,168,993,630 (approximately USD* 130.0 mln.) will be paid out as dividend by February 24th 2008.

- Proposal to amend the Regulations on the Management Board.

- Decision to approve transactions regarding loan agreements between OAO “TMK” and its subsidiaries, associated with the financing of TMK’s Strategic Investment Programme and the restructuring of the company’s credit portfolio and of its subsidiaries. Approval of OAO “TMK”’s guarantees for its subsidiary, Seversky Tube Works (STZ), with respect to a loan from France's Sociйtй Gйnйrale to partially finance the acquisition of a Fine Quality Mill (FQM) from the Danieli Corporation (Italy).