OREANDA-NEWS. On August 01, 2008 General Meeting of Shareholders of Yenakiyevo Metal Plant considered financial and economic performance report of the company in 2007, reported the press-centre of SCM.

Net profit of YeMZ in 2007 amounted to UAH 150.8m. The shareholders decided to distribute the profit as follows: to channel UAH 31.712m to the Reserve Fund of the enterprise; not to distribute the rest of the profit of UAH 119.133m and allocate it on development of the enterprise.

"We are going to keep investing in business development in future"- said CEO of YeMZ Aleksandr Podkorytov in his address to the General Shareholders Meeting. "The major areas on which the funds will be spent include technical revamping and modernization of production. Realization of mentioned activities will help improve environmental situation in the region of our operations".

The shareholders also approved the report and conclusions of Audit Committee on financial performance of the company in 2007.

In 2007, YeMZ Group increased sinter production by 4.8% to 2.2m tonnes, iron – by 11.3% to 2.4m tonnes, converter steel – by 9.3% to 2.8m tonnes, and dispatch of marketable rolled products – by 6.1% to 2.8m tonnes.