PJSC Magnitogorsk Iron and Steel Works: MMK Board of Directors Approved New Dividend Policy

PJSC Magnitogorsk Iron and Steel Works (MMK) 
PJSC Magnitogorsk Iron and Steel Works: MMK Board of Directors Approved New 
Dividend Policy 
14-Nov-2019 / 09:42 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                          14-11-2019, Magnitogorsk Press Release 
 
            MMK Board of Directors Approved New Dividend Policy 
 
  On November 13, 2019, the Board of Directors of MMK approved a new version 
                          of the Company's dividend policy. 
 
In line with the new dividend policy, the Board of Directors of MMK will now 
               be guided by the following established principles when making 
                          recommendations on dividend payments: 
 
  - ?he amount allocated for dividend payments will usually be at least 100% 
  of free cash flow, calculated on the basis of MMK's consolidated financial 
  statements and in accordance with IFRS, provided that the net debt/EBITDA 
  ratio calculated according to the Company's consolidated financial 
  statements is below 1.0x; 
 
  - If the net debt/EBITDA ratio exceeds 1.0x, the amount allocated for 
  dividend payments will usually be at least 50% of free cash flow, 
  calculated on the basis of MMK's consolidated financial statements in 
  accordance with IFRS. 
 
According to the new dividend policy, MMK will make annual dividend payments 
    and will strive to pay dividends on a quarterly basis, provided that the 
                          Company's financial position is stable. 
 
                          About MMK 
 
     MMK is one of the world's largest steel producers and a leading Russian 
    metals company. The company's operations in Russia span the entire value 
chain from iron ore processing to downstream production of rolled steel. MMK 
   produces an extensive range of steel products with a predominant share of 
high-value-added products. In 2018, the company produced 12.7 million tonnes 
    of crude steel and 11.7 million tonnes of commercial steel products. MMK 
        Group had sales in 2018 of USD 8,214 million and EBITDA of USD 2,418 
                          million. 
 
Contacts 
 
Investor Relations Department: 
 
Tel: [phone] 
e-mail: [e-mail] 
 
Communications Department: 
 
Dmitri Kuchumov            Dmitri Bulin 
Tel: [phone]    Tel: [phone] 
e-mail: [e-mail] e-mail: [e-mail] 
 
ISIN:          US5591892048 
Category Code: MSCH 
TIDM:          MMK 
LEI Code:      253400XSJ4C01YMCXG44 
Sequence No.:  29143 
EQS News ID:   912825 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

November 14, 2019 03:42 ET (08:42 GMT)