MMK independent directors Morgan, Martsinovich leave board

MOSCOW. March 23 (Interfax) - Magnitogorsk Iron & Steel Works independent directors Tav Morgan (department director at a branch of Baring Vostok) and Valery Martsinovich (strategic director of the fast-growing European markets cluster at Hay Group) have left the board of directors of Magnitogorsk Iron & Steel Works, the company said in a statement.

Furthermore, Olga Rashnikova, a member of the Strategic Planning Committee and daughter of MMK beneficiary Viktor Rashnikov, has also left the board of directors.

"The group notifies that it has the obligatory quorum for holding board meetings and making decisions stipulated by MMK's charter. The tenures of the other members of the board are valid, and the composition of the new board of directors will be considered at the annual general meeting of shareholders," the company said.

As reported, Viktor Rashnikov (who owns 79.76% of MMK through Altair LLC) was included in the EU sanctions list. EU. MMK said on Friday that it considers the EU sanctions against its beneficiary to be groundless and unfair. "MMK is reviewing the decision taken by the European authorities and assessing possible impact of sanctions on its business," the Russian steelmaker said.

Rashnikov said last week that he has no plan to appeal his inclusion on the EU sanctions list and will think about moving away from control of the company.

"Appeal against this is useless, there are other standard measures where you move away from a controlling stake (...). We are working today, we will think on this," he told reporters.