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PJSC Magnitogorsk Iron and Steel Works: MMK EGM APPROVES DIVIDENDS FOR H1 2017

Tue, 3rd Oct 2017 07:01


PJSC Magnitogorsk Iron and Steel Works (MMK)
PJSC Magnitogorsk Iron and Steel Works: MMK EGM APPROVES DIVIDENDS FOR H1 2017

03-Oct-2017 / 08:01 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

 

MMK EGM APPROVES DIVIDENDS FOR H1 2017

3-10-2017, Magnitogorsk

PJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company") announces that an Extraordinary General Meeting of shareholders was held on 29 September 2017 ("the EGM") with absentee voting.

 

Shareholders approved by majority vote a dividend on MMK's issued ordinary registered shares of RUB 0.869 (before taxes) per share for the first half of 2017 (or approximately USD 164 mln in total based on the exchange rate as of the end of the period).

 

This amounts to 75% of free cash flow under IFRS for H1 2017, which is higher than the minimum established in MMK's dividend policy (not less than 50% of free cash flow). The higher payout rate will compensate for lower free cash flow in H1 2017, which was due to seasonal cash outflow to working capital.

 

The dividend will be paid in cash by bank transfer within the period and in the manner stated by the Federal Law on Joint-Stock Companies.

 

The dividend record date is set as the close of trading on 10 October 2017.

 

 

About MMK

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.

 

Investor Relations Department:

Andrey Serov, Head of IR

tel.: +7 (3519) 24-52-97

E-mail: serov.ae@mmk.ru

 

Communications Department:

Dmitry Bulin

tel.: +7 (499) 238-26-13

E-mail: bulin.dn@mmk.ru

Dmitry Kuchumov

tel.: +7 (499) 238-26-13

E-mail: kuchumov.do@mmk.ru

 

 

 



ISIN: US5591892048
Category Code: DIV
TIDM: MMK
Sequence No.: 4693

 
End of Announcement EQS News Service

615309  03-Oct-2017 

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UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.






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