PJSC Magnitogorsk Iron and Steel Works: MMK Board Meeting Results

PJSC Magnitogorsk Iron and Steel Works (MMK) 
PJSC Magnitogorsk Iron and Steel Works: MMK Board Meeting Results 
 
28-Apr-2020 / 09:00 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                         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: [e-mail]. 
 
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.: [phone] 
 
E-mail: [e-mail] 
 
                         Communications Department 
 
Dmitriy Kuchumov           Oleg Egorov 
 
Tel.: [phone]   Tel.: [phone] 
 
E-mail: [e-mail] E-mail: [e-mail] 
 
ISIN:          US5591892048 
Category Code: ROM 
TIDM:          MMK 
LEI Code:      253400XSJ4C01YMCXG44 
Sequence No.:  60763 
EQS News ID:   1031259 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=87b6e8ba76f9c36f1a07c549b26a9e3b&application_id=1031259&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

April 28, 2020 03:00 ET (07:00 GMT)