MMK.L Regulatory News (MMK)

MMK Announces AGM Results

01-06-2018, Magnitogorsk

PJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company") announces that today, 1 June 2018, the Company held its Annual General Meeting of Shareholders (AGM) in Magnitogorsk. The AGM approved MMK's annual report and financial statements for FY 2017 and approved a dividend payment for the 2017 financial year of RUB 0.806 per share (incl. tax).

Previously shareholders received interim dividends for H1 2017 of RUB 9,710.5 mln (RUB 0.869 per share, incl. tax) and for 9M 2017 of RUB 12,414.7 mln (RUB 1.111 per share, incl. tax).

The FY 2017 dividend record date is set as the close of trading on 13 June 2018.

The AGM elected MMK's Board of Directors, which comprises Victor Rashnikov, Pavel Shilyaev (CEO at MMK), Nikolai Lyadov (Deputy CEO for Sales at MMK), Sergey Ushakov (Deputy CEO for Production at MMK), Olga Rashnikova, Zumrud Rustamova (Deputy CEO at AO Polymetal), Kirill Levin (Deputy Chairman of the Management Board at AO Russian Agricultural Bank). In addition, three directors were elected who meet criteria for independence of the Russian Corporate Governance Code, recommended by the Central Bank of Russia and Listing Rules of PSJC Moscow Exchange: Ruben Aganbegyan (Advisor to CEO of VEB Capital, Vnesheconombank's investment company), Valery Martsinovich (Strategic Director for European Fast Growing Markets Cluster at Hay Group), and Tav Morgan (Department Director at Baring Vostok Capital Partners Group Limited).

Alexander Maslennikov, Oksana Dyuldina and Galina Akimova were elected as members of the Audit Commission. AO PricewaterhouseCoopers Audit was approved as the Company's Auditor.

Shareholders approved remuneration and compensation for the Board of Directors and members of the Audit Commission for 2018-2019.

After the AGM, the first meeting of MMK's new Board of Directors took place, at which Victor Rashnikov was elected as Chairman. The Board elected members of its Committees and passed a decision to recognize Kirill Levin as an independent member of the Board.

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 2017, the company produced 12.9 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had sales in 2017 of USD 7,546 million and EBITDA of USD 2,032 million.

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