PJSC Magnitogorsk Iron & Steel Works' ("MMK", or "the Company") (MICEX-RTS: MAGN; LSE: MMK), one of the world’s largest steel producers, is pleased to announce that the MMK Board of Directors held a meeting on 28 February 2020. The Board approved 29 May 2020 as the date for the Annual General Meeting (“AGM”) of the Company shareholders.
The cut-off date for inclusion in the shareholder register for the AGM is 6 May 2020 at the close of trading on the London Stock Exchange.
The AGM will take place at Kirova 91, Magnitogorsk, Chelyabinsk region, Russia.
The AGM will start at 8.00 am Moscow time.
The agenda for the AGM will include:
Approval of the Company's annual report, annual financial statements for the 2019 financial year;
Distribution of profit, including payment (announcement) of dividends, based on the results of the financial year;
Election of members to the Company’s Board of Directors;
Approval of the Company's auditor;
Approval of remuneration payments to members of the Company’s Board of Directors.
At the meeting on 28 February, the Board of Directors also recommended that the Q4 2019 dividend record date will be set to close of business on 17 June 2020.
Earlier, 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).
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.
ÌÌÊis an industry leader in terms of production costs and margin. MMK Group had revenue in 2019 of $7,566 mln and EBITDA of $1,797 mln. MMK’s debt load is the lowest for the industry. Net debt/EBITDA ratio was -0.13õat 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%.
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