Novolipetsk Steel2003年年度报告.pdf

1、For many decades now weve been working with steel And know everything about it All its types and characteristics,Properties and capabilities.But,apart from the professional expertise,We have our own,special attachment:You cant help loving something Youve worked with for so long.Behind the numbers,ch

2、arts and diagramsA living,almost soulful nature makes itself felt:Robustness and reliabilitySturdiness and flexibilityStrength and confidenceNeither the present,nor future worldIs conceivable without such attributes.Novolipetsk Iron and Steel CorporationAnnual Report 2003ContentsChairmans message.6

3、NLMKs goals and strategy .8 NLMKs profile .10Major results of the year2003 key highlights of the year .12Most important events of the year.14Procurement and salesOverview of metal markets.18Sales of metal products .23Raw materials and procurement.27Financial results and value managementFinancial res

4、ults .30Managements analysis of financial condition .33Value management .37Risk management .39The Companys productsManufacturing of metal products.43The Companys products.47Certification of products and Management System.50Technological development and environmental protectionTechnological developme

5、nt.52Technical upgrading and repairs .55Environmental protection .57Personnel policy and social responsibilityPersonnel policy .59Social responsibility .62Corporate governancePrinciples of corporate governance .64Corporate governance bodies.65Management structure .70Corporate events.71Subsidiaries a

6、nd associates .72Major shareholders .73Proposal on dividend payments in 2004 .74US GAAP Consolidated financial statements75Major results for five years .107Contacts .1086Dear Shareholders,Not only does NLMK set ambitious goals,but it also achieves themsuccessfully.The year 2003 was not an exception.