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MMK annual general meeting slated for June 1

The shareholders of PJSC Magnitogorsk Iron & Steel Works will hold this year's annual general meeting on June 1. According to the company's statement, the record date is May 8.

The meeting agenda will be determined by the company's Board of Directors later.

PJSC Magnitogorsk Iron & Steel Works (MMK, tax number: 7414003633) is among the largest world steel manufacturers leading in Russia's iron and steel industry. The company's assets in Russia are a large iron and steel complex that encompasses the entire production chain from preparation of iron ore to advanced processing of rolled steel. MMK produces a great variety of metal products where high-level-processed goods of greatest added value prevail. In 2017, MMK produced 12.86 million tonnes of steel, which is 2.5% above the previous year's result.

The authorized capital of MMK is RUB 11.174 billion. It consists of 11,174,330,000 common shares with a face value of 1 ruble each. As of September 29, 2017, the company's shareholding structure included Minta Holding Limited (86.26% of the authorized capital), The Bank of New York Mellon (4.16%), etc. Minta Holding Limited is beneficially owned by Viktor Rashnikov, Chairman of the MMK Board of Directors.

IFRS net profit of MMK Group for 2017 decreased by 5.45% to RUB 69.429 billion from RUB 73.432 billion the year before. Revenue increased by 17.73% to RUB 439.972 billion from RUB 373.699 billion, operating profit decreased by 11.79% to RUB 85.048 billion from RUB 96.412 billion, pre-tax profit by 1.58% to RUB 87.247 billion from RUB 88.646 billion. EBITDA increased by 23.8% against the 2016 result adjusted for the effect from the sale of a stake in FMG.

RAS net profit of PJSC Magnitogorsk Iron & Steel Works (MMK) for 2017 decreased by 0.98% to RUB 67.3 billion from RUB 67.968 billion the year before. Revenue increased by 15.83% to RUB 392.782 billion from RUB 339.111 billion, sales profit by 8.5% to RUB 86.463 billion from RUB 79.689 billion, pre-tax profit by 1.31% to RUB 84.257 billion from RUB 83.165 billion.

"AK&M", 07.03.2018 11:55


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