President Ilham Aliyev signed a decree on the establishment of a steel production complex in Azerbaijan with state-owned equity on Tuesday.
The enterprise is a closed joint-stock company engaged in the design, construction and management of the complex, covering all stages -- from iron ore mining to steel production in the country's second largest city, Ganja, and the Dashkesan region. It is charged with applying new technologies in this field, improving the logistics and effectively using it, as well as carrying out other work related to the development of this sector.
The new enterprise includes Dashkesan Mining, a state-owned company. The steel production facility will be managing the shares of Dashkesan Mining.
The Cabinet of Ministers was instructed to determine the share capital of the company; appoint and dismiss representatives and executives of representative offices, branches and agencies subordinate to the company; approve annual reports, balance sheets, profit and loss statements, create cost estimates, etc.
The Economic Development Ministry is to approve conclusion of important transactions which are worth more than 25 percent of the company's net assets.
The State Committee on Property Issues is to grant permission for the establishment and closure of representative offices and branches of the company.
The President will deal with the issues of appointing and dismissing the chairman of the company, as well as the liquidation and reinstatement of the company.
The government was instructed to prepare the draft bylaws and the structure of the company within two months for further submission to the President for approval, to resolve issues regarding the allocation of the necessary funds from the state budget for the maintenance of the company at the initial stage, form its share capital within a month; and address other issues reflected in the presidential decree.
The Ministry of Taxes and the State Committee on Property Issues were entitled to deal with the state registration of the company.
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