The board of directors of Russia’s Magnitogorsk Iron and Steel Works (MMK) has recommended paying 1.242 rubles per share, or a total of about 13.879 billion rubles in dividends for 2016, the company said in a statement on April 24.
The record date for dividends is set at June 6. The shareholders will discuss the recommendation at an annual general meeting scheduled for May 26.
In February, the company said it might allocate 60% of its free cash flow on dividends for July-December 2016.
Previously, MMK paid 0.72 rubles per share, or a total of 8.046 billion rubles in January-June 2016 and 0.31 rubles per share, or a total of 3.464 billion rubles in final dividends for 2015.
The company’s net profit jumped to $1.111 billion in 2016 as calculated under International Financial Reporting Standards (IFRS). Free cash flow contracted by 27.8%, to $728 million in 2016. (Prime/Ukrainian metal)
