Company Announcements

PJSC Magnitogorsk Iron and Steel Works: MMK announces the AGM results

Source: EQS

PJSC Magnitogorsk Iron and Steel Works (MMK)
PJSC Magnitogorsk Iron and Steel Works: MMK announces the AGM results

02-Jun-2020 / 11:14 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


MMK announces

THE AGM results

 

2 june 2020

Magnitogorsk, Russia

 

 

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, announces that the Annual General Meeting of Shareholders ("the AGM") was held in absentia on 29 May 2020. The AGM approved the annual report and accounts for 2019 and approved the payment of dividends.

Based on the results of Q4 2019, dividends will be paid in the amount of RUB 1.507 (incl. tax) per share.

The Q4 2019 dividend record date was determined as 17 June 2020.

Previously shareholders received interim dividends for Q1 2019 of RUB 16,627.4 mln (RUB 1.488 per share, incl. tax), for Q2 2019 of RUB 7,710.3 mln (RUB 0.690 per share, incl. tax), and for Q3 2019 of RUB 18,437.6 mln (RUB 1.650 per share, incl. tax).

The AGM elected MMK's Board of Directors as follows:

  • Victor Rashnikov;
  • Pavel Shilyaev (CEO of MMK);
  • Sergey Ushakov (Deputy Director for Sales at MMK);
  • Andrei Eremin (Director for Economics at MMK);
  • Olga Rashnikova;
  • Zumrud Rustamova (Deputy CEO of Polymetal);
  • Kirill Levin (First Deputy Chairman of the Management Board at Russian Agricultural Bank).

In addition, three directors were elected who meet the criteria for independence of the Russian Corporate Governance Code as recommended by the Central Bank of Russia, and the Listing Rules of Moscow Exchange:

  • Valery Martsinovich (Strategic Director for European Fast-Growing Markets Cluster at Hay Group);
  • Tav Morgan (Department Director at Baring Vostok Capital Partners Group Limited);
  • Nikolay Nikiforov (Chairman of the Board of Directors of Diginavis).

The shareholders approved:

  • PricewaterhouseCoopers Audit as MMK's auditor;
  • Remuneration and compensation paid to members of the Board of Directors during their performance of duties in 2020-2021 (RUB 80 million).

 

About MMK

MMK is one of the world's largest steel producers and a leading Russian metals company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of high-value-added products. In 2019, MMK produced 12.5 mln tonnes of crude steel and 11.3 mln tonnes of commercial steel products.

ММК is an industry leader in terms of production costs and margin. MMK Group had revenue in 2019 of USD 7,566 mln and EBITDA of USD 1,797 mln. MMK's debt load is the lowest for the industry. Net debt/EBITDA ratio was -0.13х at the end of 2019. The Group's investment-grade rating is confirmed by the leading global rating agencies Fitch, Moody's, S&P.

MMK's ordinary shares are traded on Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 15.7%.

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Investor Relations Department

Veronika Kryachko
+7 (3519) 25-75-01
kryachko.vs@mmk.ru

 

 

media contacts

Dmitriy Kuchumov  
+7 (499) 238-26-13
kuchumov.do@mmk.ru

Oleg Egorov
+7 (499) 238-26-13
egorov.oa@mmk.ru

 

 

KEY UPCOMING EVENTS IN 2020

Financial calendar

 

14 July

Q2 and 6M 2020 Trading Update

29 July

Q2 and 6M 2020 IFRS financials

13 October

Q3 and 9M 2020 Trading Update

22 October

Q3 and 9M 2020 IFRS financials

 

 



ISIN: US5591892048
Category Code: AGM
TIDM: MMK
LEI Code: 253400XSJ4C01YMCXG44
Sequence No.: 67330
EQS News ID: 1060403

 
End of Announcement EQS News Service

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