Metalloinvest and Kursk Region Signed a Social Partnership Agreement

The Administration of the Kursk Region, Zheleznogorsk Town Administration and Metalloinvest Holding (Metalloinvest) signed a social partnership agreement.

The agreement was signed by Kursk Governor Alexander Mikhailov, Mayor of Zheleznogorsk Viktor Solntsev and CEO of Metalloinvest Management Company Eduard Potapov.

The document promotes mutual commitment of the parties to the region’s social and economic development. Thus the agreement provides for the increase in Mikhailovsky GOK’s (a subsidiary of Metalloinvest) tax payments to all budget levels up to 5.8 billion rubles. In addition to the financial support of the local community, Metalloinvest would also invest 5 billion rubles to development of Mikhailovsky GOK’s production facilities, and this would result in emerging new jobs and boosting local economy.

“I would like to thank Metalloinvest’s management team as their efforts ensured MGOK’s good performance thus providing material well-being for thousands of workers and for the whole town of Zheleznogorsk”, said Alexander Mikhailov at the agreement’s signing ceremony.

“This agreement marks the continuation of our longstanding and fruitful partnership. We seek to join our efforts and resources for social and economic development of the region, — said Eduard Potapov. — It is impossible to develop a human potential without adequate living and working conditions. Our workers live in their towns with their families. That’s why towns and families are our main concerns.”

Social investments are the important part of the agreement — more than 300 million rubles will be directed to social programs for MGOK’s workers and local communities. Main priorities will be maternity support, healthy life-style promotion and public health.

Support of local communities and social responsibility are major factors of the Metalloinvest’s business development strategy. The company plans to expand the practice of such social agreements to the other operation areas.