NLMK to pay RUB 6.43 per share in 3Q dividends

AK&M 22 October 2020 16:30

The Board of Directors of NLMK recommended that the shareholders approve the payment of RUB 6.43 per share in dividends for the third quarter of 2020. This issue will be considered at the extraordinary shareholders meeting scheduled for December 18, 2020, the company informed.

This amount includes a one-time payment of RUB 3.21 per share in excess of the amount provided for by the dividend policy with the aim of compensating the shareholders for the reduction of dividends for 4Q19 as decided by the shareholders on April 24, 2020.

Novolipetsk Steel is a leading Russian producer of high-value-added steel products. The plant accounts for about 18% of the total steel output in Russia and about 80% of all steel products of NLMK Group. The company's share in the domestic market of cold-rolled products is 27%, its share in the market of galvanized steel reaches 22%. In 2019, NLMK group signed a contract with Italy's Tenova for basic engineering and supply of the main process equipment for the construction of a fifth continuous hot-dip galvanizing line at the Lipetsk site. The new line will be used to make commercial quality galvanized products (required for construction and the manufacture of home appliances), cold-rolled IF steel products, as well as low-alloy, dual-phase and multiple-phase steel.