Novolipetsk Steel2005年年度报告.pdf

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1、ANNUAL NOVOLIPETSKREPORT STEEL20052Chairmans statement.3Objectives and strategy.6Company profile.72005 Major developments.10Main results of 2005.13Companys activities.14Steel segment.15Segments profile.15Production.15Overview of steel markets.21Sales of steel products.25Raw materials and supplies.29

2、Financial results.31Mining segment.35Segments profile.35Production and reserves.35Financial results.39Other activities.43Description.43Financial results.45Consolidated financial results.46Financial results.47Ratings.55Risk management.57Value-based management.61Technical upgrade and development.63Cor

3、porate social responsibility.67Corporate governance.74Principles of corporate governance.75Management bodies of NLMK.76Management structure.80Share capital.84Share capital.85Share price information.85Dividends.87Suggested profit allocation.89NLMKs US GAAP consolidated financial statements.90Major re

4、sults for five years.143CONTENTS OF THE ANNUAL REPORT3NLMK ANNUAL REPORT 2005Dear shareholders,I am delighted to present NLMKs strong financial results and strategicdevelopments for the year ended 31 December,2005.This has been anoutstanding year for our company.Last year,the main objectives were to

5、 bring thecompany to the international stock market,achieve further vertical integrationthrough M&A activities to deliver substantial synergy benefits,and successfullyaccomplish the first phase of the technical upgrading program.I believe thatNLMKs outstanding share price performance since the comme

6、ncement of tradingon the London Stock Exchange on 15 December,2005,is a strong endorsement ofour corporate strategy.Our successful listing on the LSE raised NLMKs international profile and increasedthe companys global liquidity.According to analysts reports,NLMK is now themost liquid steel stock in