PJSC Magnitogorsk Iron and Steel Works: MMK BOARD OF DIRECTORS RECOMMENDS DIVIDENDS FOR Q4 2018
PJSC Magnitogorsk Iron and Steel Works (MMK)
MMK BOARD OF DIRECTORS RECOMMENDS DIVIDENDS FOR Q4 2018
PJSC Magnitogorsk Iron & Steel Works ("MMK" or "the Company", ticker: MMK:LI) announces that on 8 February 2019 the Company's Board of Directors recommended that the Annual General Meeting of shareholders approve a dividend of RUB 1.398 (before taxes) per share for the fourth quarter of 2018 on MMK's issued ordinary registered shares.
The dividend will represent the total of approximately USD 239 mln at the current exchange rate, which equals to 100% of the Company's FCF for Q4 2018.
As a result, for the FY 2018 the Company will distribute dividends equal to 100% of its generated FCF which totalled USD 1,027 mln.
2019 AGM date will be set at the Board of Directors meeting scheduled on March 1st 2019.
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 complex 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 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.
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