PJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company”, ticker: MMK:LI) announces that on 8 November 2017 its Board of Directors recommended that the Extraordinary General Meeting of shareholders scheduled for 8 December 2017 approve a dividend of RUB 1.111 (before taxes) per share, representing a total of approximately USD 214 mln at the current exchange rate, for the first nine months of 2017 on MMK’s issued ordinary registered shares.

To determine the recommended total amount of dividends to be distributed to shareholders, the Board of Directors considered the Company’s current financial standing and profitability. As a result, the recommended amount of dividends equals 59% of free cash flow (under IFRS) for Q3 2017, and a dividend yield of 2.6%.

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 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 2016, the company produced 12.5 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had sales in 2016 of USD 5,630 million and EBITDA of USD 1,956 million.

Investor Relations Department:

Andrey Serov, Head of IR

tel.: +7 (3519) 24-52-97

E-mail: serov.ae@mmk.ru

Communications Department: