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. Last Updated: 07/27/2016

New Steel Shares

MOSCOW-- The board of directors at Russian steel producer Nizhnetagilsk Metal has approved plans to issue new shares doubling capital to 2.07 trillion rubles (approximately $347 million), a senior company official said Monday.

Sergei Ivanov, head of the company's property department, said the Nizhnetagilsky Metallurgichesky Kombinat, or NTMK, would issue 1.03 billion ordinary shares with a face value of 1,000 rubles each.

"The money raised by placing the new issue of NTMK shares will be used to reconstruct the enterprise," he said.

The shares will be offered from July 1 1997 to Feb. 5, 1998, and are open to all potential investors, individual and corporate, foreign and Russian, he said.