9 Nov 2017 06:02
PJSC Magnitogorsk Iron and Steel Works (MMK) PJSC Magnitogorsk Iron and Steel Works: MMK BOARD OF DIRECTORS RECOMMENDS DIVIDENDS FOR 9M 2017 09-Nov-2017 / 08:02 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
MMK BOARD OF DIRECTORS RECOMMENDS DIVIDENDS FOR 9M 2017 9-11-2017, Magnitogorsk PJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company", ticker: MMK:LI) announces that on 8 November 2017 its Board of Directors recommended that the Extraordinary General Meeting of shareholders scheduled for 8 December 2017 approve a dividend of RUB 1.111 (before taxes) per share, representing a total of approximately USD 214 mln at the current exchange rate, for the first nine months of 2017 on MMK's issued ordinary registered shares.
To determine the recommended total amount of dividends to be distributed to shareholders, the Board of Directors considered the Company's current financial standing and profitability. As a result, the recommended amount of dividends equals 59% of free cash flow (under IFRS) for Q3 2017, and a dividend yield of 2.6%.
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:
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| ISIN: | US5591892048 |
| Category Code: | DIV |
| TIDM: | MMK |
| Sequence No.: | 4825 |
| End of Announcement | EQS News Service |
627147 09-Nov-2017
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.