Severstal's Board of Directors recommended to the extraordinary meeting of shareholders to pay dividends based on the results of the first half of 2024 in the amount of RUB 31.06 per ordinary share. The Board of Directors proposed September 10, 2024 as the date on which the persons entitled to receive dividends are determined. This is stated in the company's message.
Earlier, the company reported that cash and cash equivalents decreased to RUB 200.05 billion (compared to RUB 373.57 billion). as of December 31, 2023) due to the payment of dividends for 2023 and the first quarter of 2024 in the amount of 177.87 billion rubles.
In addition, the Board of Directors recommended dividends for the second quarter of 2024 in the amount of 31.06 rubles. per share. The recommended closing date of the register for the payment of dividends is September 10, 2024. The approval of the decision on the payment of dividends is expected at the extraordinary meeting of shareholders, which will be held on August 30, 2024 in absentia.
Severstal is a vertically integrated mining and metallurgical company that creates new products and integrated solutions from steel together with customers and partners. The company's production assets are concentrated in Russia. The shares are traded on the Moscow Stock Exchange (ticker CHMF).
Severstal's net profit for the first half of 2024 decreased by 21% to 83.32 billion rubles from 105 billion rubles a year earlier. Revenue increased by 21% to 409.14 billion rubles from 339.43 billion rubles, EBITDA increased by 6% to 126.56 billion rubles from 119.26 billion rubles.
