MMK Aims Quarterly Dividend Payments
Payment of dividends on issued shares of PJSC MMK based on the results of the first nine months of 2017.
The decision establishes a new precedent for the frequency of the company’s dividend payments. In line with the Company’s current dividend policy and global best-practice in the field of corporate governance, MMK will aim to pay dividends to shareholders on a quarterly basis going forward.
The size of the dividend and the cut-off date for eligibility to receive it will be determined following publication of MMK’s financial results for the first nine months of 2017 in accordance with International Financial Reporting Standards (IFRS), planned for early November 2017.
In taking the decision regarding the recommended size of the dividend, the Board of Directors will be guided by the Company’s financial standing and profitability, the dividend yield and forecast free cash flow.
The Board of Directors determined the:
cut-off date for receipt of voting forms – 8 December 2017;
postal address to which completed voting forms should be sent – Status Registrar Agency, Magnitogorsk branch, 212 Karl Marx street, 455008 Magnitogorsk, Chelyabinsk Region, Russia;
record date for shareholders to participate in the EGM – close of business on 14 November 2017.
MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel-producing complex encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of high-value-added products. In 2016, the company produced 12.5 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had sales in 2016 of USD 5,630 million and EBITDA of USD 1,956 million.