OMZ 2008 annual IFRS audited financial statements

Nuclear Equipment business grew 24% y-o-y to reach $ 318.3 mln. Revenues in the Specialty Steel segment (production of semi-finished metallurgical products for machine building and other sectors) increased 22% to reach $ 662.5 mln. Sales of Mining Equipment and Services grew 21% and reached $ 193.5 mln. Cash flow used in investment activities totaled $ 170 mln.

Commenting on OMZ’s 2008 financial results, OMZ’s CEO, Mr. Victor Danilenko, said: “We achieved very good results in 2008 in spite of the slow down in the global economy that began in the 3rd quarter. We believe this is due to the initiatives we launched several years ago in cost cutting, optimization of the product line and improvement in the corporate governance structure.”