The Russian steelmaker Novolipetsk Steel (NLMK) has announced that in accordance with current Russian Federation legislation, the company's shareholders have approved at the annual general meeting the agreement between NLMK and its subsidiary Stoilensky GOK for the purchase of iron ore concentrate and sinter ore for an amount of up to Ruble 14.1 billion (approx. $453.7 million), including VAT, excluding transportation costs, effective from January 1, 2009 to December 31, 2009.
In addition, the company's shareholders have also approved the agreement between NLMK and its coke producing subsidiary Altai-Koks for the purchase of coke for an amount of up to Ruble 10.6 billion (approx. $340.6 million), including VAT, excluding transportation costs. The effective term of the transaction is January 1, 2009 - December 31, 2009.