MMK to pay RUB 2.39 in 9-month dividends

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AK&M 23 October 2020 13:20

The Board of Directors of MMK recommended that the shareholders decide at their extraordinary meeting that the company should pay RUB 2.39 per share in 9M20 dividends, the company informed.

The recommended dividend record date is EOB January 14, 2021.

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; its output is dominated by high-level-processed goods with the greatest added value.

As of March 31, 2018, Minta Holding Limited was the company's principal shareholder (84.26% of the authorized capital). Minta Holding Limited is beneficially owned by Viktor Rashnikov, Chairman of the MMK Board of Directors.

MMK's 12-month IFRS profit for 2019 decreased by 28% to $768 million from $1.072 billion a year earlier. Revenue decreased by 6.5% to $5.844 billion from $6.252 billion, gross profit by 21.5% to $1.654 billion from $2.108 billion.