Nov 24, 2004. /Lesprom Network/. LVL-Yugra will not distribute profits for 2003 due to the lack of profits and will not pay dividends, the following decision was taken during the annual general meeting held on November, 15 2004 in Nyagan (Khanti-Mansyisk). The decision to elect the board of directors of 5 members was taken in accordance with the incompliance of the number of elected members to the officially set number (4 candidate to occupy 3 posts obtained equal number of votes). The general meeting failed to elect the CEO because of the lack of votes necessary for the decision. As Lesprom.ru reported earlier, LVL-Yugra produced 2 thousand cub m of cant and glued lead in first 6 months of 2004. The company started production in September 2003. The project capacity of the enterprise is 39 thousand cub m/yr. In accordance with the production plan in 2005 the enterprise’s earnings will reach $20 million. LVL (Laminated Veneer Lumber or cant produced on the basis of glued lead) is a high durability building and decorative material produced by means of gluing several layers of lead with parallel fiber position. In Western Europe and North America LVL is used for construction, because it has high durability and the look similar to that of natural wood. Annual LVL production is 4.5 million cub m/yr and will continue to increase.