10 Oct 2014 07:08
Announcement of agenda for Extraordinary General Meeting ('EGM')
The Board of Directors of OAO Severstal ("Severstal"; "the Company"), one of the world's leading vertically integrated steel and steel-related mining companies, confirms the following agenda for the EGM which, as previously announced, will be held on 14 November 2014:
· Approval of a dividend payment of 54.46 roubles per share (approximately $1.37) for the nine months ended 30 September 2014.
· Approval of the Company's Charter in the new edition.
· Approval of the Company's Regulations for the Board of Directors in the new edition.
As previously announced, the EGM will be held by absentee voting on 14 November 2014. The closing date for the receipt of voting ballots is 14 November 2014. All Severstal shareholders on the register as at 6 October 2014 are eligible to participate.
In the case that the dividend payments for the first nine months of the financial year to 30 September 2014 are approved at the EGM, the record date will be 25 November 2014.
In addition to the abovementioned, the Board of Directors of OAO Severstal ("Severstal"; "the Company") approves the Company's dividend policy modification, implying move to a dividend policy of dividend payouts of average equivalent of 50% of the net profit for the reporting period provided that the net debt/12-month trailing EBITDA ratio is below 1.0 times. Should the ratio increase to higher than 1.0 times, Severstal would turn to a dividend policy of dividend payouts of average equivalent of 50% of the net profit for the reporting period until the ratio returns to 1.0 times or below.