No  reason  to  interpret  Mr.Kirov  Lipman's, JSC "Liepājas metalurgs"

President, resignation as a sensation



Provided  that  JSC  "Liepājas metalurgs" Management Board approves the

resignation,  Mr.  Lipman  will  continue  to  be a Board Member and to

concentrate on strategic issues. He will continue to head the designing

and  harmonisation  of technological modernisation project. The planned

modernisation  includes  a  new  co-generation  station, and Mr. Lipman

intends  to  implement  the project in the capacity of President of the

new company "Liepājas elektrostacija".



At the end of 2001 Privatisation Agency announced the completion of JSC

"Liepājas  metalurgs" privatisation and described it as one of the most

successful privatisation projects in Latvia.