June 26, the annual general meeting of shareholders of OAO Power Machines - ZTL, LMZ, Electrosila, Energomasheksport (OAO Power Machines).

The shareholders approved the company's annual report and accounts, including an income statement for 2008.

Elected Board of Directors in the number eight. Seven directors from the previous board of directors were re-elected. This is Alexei Mordashov (General Director of JSC Severstal), Alexey Egorov (Deputy Director General of JSC Severstal), Michael Zyusc (Vice-President of the Power Siemens Aktiengesellschaft ), Hans-Juergen Vio (Vice-President Siemens in Russia), Igor Kostin (general director of OAO Power Machines ), Igor Resurrection (Director General of OOO Universal Invest ) and Dmitri Sanin.

The composition of the board of directors also joined the Director of Economy and Finance of OJSC Power machines Vadim Chechnya.

Shareholders' meeting of OAO Power Machines elected the Audit Commission, composed of seven persons. The auditor elected Ltd. Rosexpertiza.

Shareholders approved the transaction between Power Machines and OAO Severstal, of which there is interest, and that may be committed in the future in the process of implementing a joint-stock company of its normal business activities.

Shareholders' meeting of OAO Power Machines has decided to profit on the results of 2008 not to distribute dividends, and not to pay, in connection with the investment program aimed at expanding production capacity, said the company.
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