Mechel to pay RUB 482.874 million in 2019 dividends on prefs

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AK&M 04 August 2020 15:18

At their annual meeting, Mechel shareholders decided to pass the 2019 dividends on the ordinary shares, the company informed.

Dividends on preferred shares will be paid in the amount of RUB 3.48 rubles per security, for a total amount of more than RUB 482.874 million.

The company will retain the remaining profit of prior years exceeding RUB 1.508 billion.

The dividend record date is July 17, 2020, the payments are to be made in cash by bank transfer in accordance with current Russian law.

Mechel PAO (tax number: 7703370008) is one of the leading Russian companies. The company's profile covers 4 business segments: mining, metallurgical, ferroalloy industry and power engineering. The company unites manufacturers of coal, iron-ore concentrate, nickel, steel, rolled products, high-added value products, thermal and electric energy. Mechel's goods are sold in Russia and worldwide.

IFRS profit of Mechel PAO for 2019 attributable to the company's shareholders dropped by 81% to RUB 2.409 billion from RUB 12.628 billion a year earlier. Revenue decreased by 5% to RUB 296.567 billion from RUB 312.574 billion, EBITDA decreased by 29% to RUB 53.428 billion from RUB 75.667 billion.

Mechel's IFRS loss for Q1 2020 was RUB 36.878 billion against a profit of RUB 11.336 billion a year earlier. Revenue decreased by 9% to RUB 68.332 billion from RUB 74.856 billion, EBITDA by 17% to RUB 12.69 billion from RUB 15.322 billion.