"MMK" announces that an EGM of shareholders was held on 30 September 2016
OREANDA-NEWS. OJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company”) announces that an Extraordinary General Meeting of shareholders was held on 30 September 2016 (“the EGM”) with absentee voting.
Shareholders by the majority vote approved a dividend for the first half of 2016 on MMK’s issued ordinary registered shares of RUB 0.72 (before taxes) per share. The dividend’s size was set in line with the new edition of MMK’s dividend policy approved in August 2016, which provides for payment in the form of dividends of no less than 30% of free cash flow.
The dividend will be paid in cash form within the time limits and in the manner stated by the Federal Law "On Joint-Stock Companies".
The dividend record date is set as the close of trading on 11 October 2016.
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 2015, the company produced 12.2 million tonnes of crude steel and 11.2 million tonnes of commercial steel products. MMK Group had sales in 2015 of USD 5,839 million and EBITDA of USD 1,668 million.