PJSC Magnitogorsk Iron and Steel Works (MMK)
PJSC Magnitogorsk Iron and Steel Works: MMK Board Meeting Results
28-Apr-2020 / 09:00 CET/CEST
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28 April 2020
Magnitogorsk, Russia
MMK Board Meeting Results
PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Company") (MICEX-RTS:
MAGN; LSE: MMK), one of the world's largest steel producers, announces that
MMK Board of Directors held a meeting in absentia on 24 April 2020.
At the meeting, the Board made the following decisions, among others:
1. To approve 2019 MMK Sustainability Report;
2. To hold Annual General Meeting of Shareholders (AGM) in absentia
a. The deadline for receipt of voting ballots (the date of voting ballots
receipt): 29 May 2020;
b. Postal address for delivery of completed ballots: 455008, Magnitogorsk,
Branch of STATUS Registrar, 212, Karl Marks Prospect, Magnitogorsk;
c. The website address where the electronic form of the voting ballot can be
completed: https://online.rostatus.ru/ [1];
d. The e-mail address to which the persons entitled to participate at the
AGM can send their completed voting ballots: shareholder@mmk.ru.
Earlier, at its meeting on 28 February 2020, the Board of Directors approved
6 May 2020 (at the close of business) as the cut-off date for inclusion in
the shareholder register for the AGM.
The agenda for the AGM will include:
1) Approval of the Company's annual report and annual financial statements
for the 2019 financial year;
2) Distribution of profit, including payment (announcement) of dividends,
based on the results of the 2019 financial year;
3) Election of members to the Company's Board of Directors;
4) Approval of the Company's auditor;
5) Approval of remuneration payments to members of the Company's Board of
Directors.
Earlier at the meeting held on 28 February, the Board of Directors
recommended that the Q4 2019 dividend record date be set as the close of
business on 17 June 2020. At the meeting held on 4 February 2020, the Board
of Directors recommended the AGM to approve the payment of dividends for Q4
2019 of RUB 1.507 per share (100% of FCF for the quarter).
About MMK
MMK is one of the world's largest steel producers and a leading Russian
metals company. The Company'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, the Company produced 12.5 mln tonnes of
crude steel and 11.3 mln tonnes of commercial steel products.
??? 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 -0.13? at the
end of 2019. The Company'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%.
Contacts
Investor Relations Department
Veronika Kryachko
Tel.: +7 (3519) 25-75-01
E-mail: kryachko.vs@mmk.ru
Communications Department
Dmitriy Kuchumov Oleg Egorov
Tel.: +7 (499) 238-26-13 Tel.: +7 (499) 238-26-13
E-mail: kuchumov.do@mmk.ru E-mail: egorov.oa@mmk.ru
ISIN: US5591892048
Category Code: ROM
TIDM: MMK
LEI Code: 253400XSJ4C01YMCXG44
Sequence No.: 60763
EQS News ID: 1031259
End of Announcement EQS News Service
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(END) Dow Jones Newswires
April 28, 2020 03:00 ET (07:00 GMT)
