RUSSIA ESTABLISHES WORLD'S LARGEST TITANIUM-MAGNESIUM CORPORATION

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MOSCOW, September 22 (RIA Novosti) - The merger of the OAO AVISMA Titanium-Magnesium Combine (town of Berezniki in Perm region) and the OAO Verkhnyaya Salda Steel-Making Industrial Association /VSMPO/ (town of Verkhnyaya Salda in Sverdlovsk region) will produce Russia's largest titanium-magnesium corporation in the world.

The AVISMA press release, which has come to hand at RIA Novosti on Wednesday, says that the merger decision was approved at the extraordinary September 21 meeting of Berezniki share holders - 94.78 percent of them voted for.

The majority of voting share-owners (85.1 percent) also approved the deal on passing OAO AVISMA rights and obligations to OAO VSMPO.

Reorganisation is to end by December 31, 2004.

VSMPO is the leading producer of titanium, magnesium and nickel alloys, special alloyed steels for the aerospace, automobile, ship-building and energy industries.

AVISMA's sector (32 percent) is the world's largest in the manufacture of titanium sponge and its magnesium sector is 6 percent. AVISMA is Russia's largest producer of magnesium and magnesium-based alloys. From AVISMA titanium sponge VSMPO makes thorough-processed products - sheets, profiles, forgings, stampings etc. From 50 to 70 percent of the titanium products is exported, the rest being consumed on the Russian market.

By 1998 VSMPO bought 76 percent of AVISMA, 62 percent of the shares being in control of the AVISMA management and 12 percent of Victor Vekselberg's Renova company. The situation will preserve till the end of reorganisation.

Upon completion of the merger, VSMPO-AVISMA will be the largest titanium and magnesium company in the world.

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