OAO TMK (“TMK” or “the Company”) announced today that the Board of Directors of the Company and directors from four of the Company’s plants held a joint meeting in Yekaterinburg, Russia on February 21-22, 2007.
At the meeting, TMK’s operational and financial results for 2006 and the results of the investment activities in 2006, as well as the investment plans through 2007 were reviewed. The TMK Board of Directors also approved a new text of the Dividend Policy for the Company, which states that the Company’s goal is to pay dividends not less than 25% of consolidated net profit under IFRS standards.
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