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07.06.2006

OAO TMK Board of Directors meeting takes place

A meeting of the OAO TMK Board of Directors has been held involving the participation of all 10 members of the Board of Directors, including the Chairman of the Board of Directors Dmitry Pumpyansky.

The following issues were considered at the meeting: approval of the report by the OAO TMK auditor according to IAS for 2005; approval of directives for voting at the general shareholders’ meetings of OAO TMK’s subsidiaries; approval of investment contracts; approval of the OAO TMK Code of Ethics; examination of OAO TMK’s management accounting reports for the 1st quarter of 2006 and other issues.

In particular, the Company Code of Ethics was adopted by the OAO TMK Board of Directors. The purpose of the code is to define behavioural standards for TMK employees, and also to acquire an irreproachable reputation for the Company.

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