PJSC Magnitogorsk Iron and Steel Works: MMK notifies about changes in the Board of Directors

MMK notifies about changes in the board OF DIRECTORS

24 march 2022

Magnitogorsk, Russia

PJSC Magnitogorsk Iron & Steel Works ("MMK", "the Group") (MOEX: MAGN; LSE: MMK) notifies that Valery Martsinovich, Tav Morgan and Olga Rashnikova resigned from MMK's Board of Directors in compliance with their applications.

The Group notifies that it has the obligatory quorum for holding Board meetings and making decisions stipulated by MMK's Charter. The tenures of the other members of the Board are valid, and the composition of the new Board of Directors will be considered at the Annual General Meeting of Shareholders. 

About MMK

PJSC Magnitogorsk Iron and Steel Works (MMK Group, MMK) is a Russian iron and steel company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK manufacturesa broad range of steel products, with a predominant share of premium products. In 2021, MMK produced 13.6 mln tonnes of crude steel and sold 12.5 mln tonnes of commercial steel products.

Group revenue in 2021 totalled USD 11,869 mln, with an EBITDA of USD 4,290 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.09х at the end of 2021.

MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 20.2%.

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