Renewable energy resources

1/15/2013 10:33 AM EST

Liepajas metalurgs
Company Announcement

Renewable energy resources

Liepaja, 2013-01-15 16:33 CET (GLOBE NEWSWIRE) -- 
Chairman of the Board of Joint Stock Company “Liepajas Metalurgs” Mr.
V.Terentjevs informs that the purpose of the article published in newspaper
“Dienas bizness” on 15.01.2012 was to attract attention of the government of
Latvian Republic to the situation in the European market and to unequal
competition conditions, as well as to the disproportionate development rate of
the renewable energy resources and its financing sources in our state. It is
planned that costs connected to the obligatory electricity surcharge ("OIK" in
Latvian) will increase by 58.5% for each kWh used. 

In order to reduce risk related to duties that companies will have to pay for
green energy the Association of manufacturers of constructional materials has
presented its proposals to the Cabinet of Ministry of Latvian Republic. 

Joint Stock Company “Liepajas Metalurgs” in 2012 produced 836 000 tons of
billets for processing and 732 000 tons of rolled products out of this amount. 

For the subsequent modernization of the company in relation to the construction
of a new rolling mill a working group has been established, which is a normal
practice for Joint Stock Company “Liepajas Metalurgs” to accomplish
modernization tasks. 

Likewise we inform that Joint Stock Company “Liepajas Metalurgs” is continuing
to work according to its planning. 


         Liga Šenfelde
         Assistant of chief Economist
         63455926,