26 Feb 2009 07:00
February 26, 2009
MMK reports payment of dividends for H1 2008
MMK announces that as of Feb 25, 2009 it has fulfilled its obligations on dividends payout for the first six months of 2008. The decision on dividend payment in the amount of RUR 0.382 per ordinary share was taken by the Extraordinary Shareholders' Meeting on August 29, 2008. The total amount of dividends accrued is RUR 4.268.594.060,00.
Major shareholders of MMK - Mintha Holding Limited and Fulnek Enterprises Limited, both beneficially owned by MMK Chairman of the Board of Directors Mr. Rashnikov, - proposed that the share of accumulated dividends which was to be paid to them during the period of worsening market conditions be put off. This amount will be paid to them once the financial and economical conditions of MMK improve. Thus, the total amount of dividends paid for the first six months of 2008 is RUR 2.405.711.361,04.
It was reported earlier that the issue of dividend payout for the full financial year 2008 will be considered at the Annual general shareholders' meeting on May 22, 2009 based on recommendations of the Board of Directors. According to the approved dividend policy, the Board of Directors will further on make recommendations on the size of dividends based on the Company's financial and economical condition, prospects of the Company's and steel industry's development, maintaining a proper balance between the interests of the Company and its shareholders.
The list of persons entitled to participate in the General Shareholders' meeting of the Company's shareholders will be prepared on the basis of the Shareholders' Register as of business close April 09, 2009.
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Information on MMK
Magnitogorsk Iron and Steel Works OJSC (MMK) is among the world's largest steel producers and one of the leaders of Russia's steel industry. The Company is a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of value added goods.
In 2008 the Company produced 11.9 m tonnes of crude steel and 10.9 m tonnes of commercial products.
Contacts:
Evgeny Kovtunov
Investor Relations
Tel: +7 3519 24 93 55 Fax: +7 3519 24 93 60 kovtunov@mmk.ru
Elena Azovtseva
Press Secretary
Tel.: +7 3519 24 90 82 Fax: +7 3519 24 80 24 azovtseva@mmk.ru
MMK.L (MMK)