On November 8 Magnitogorsk Iron and Steel Works Board of Directors recommended that the Extraordinary General Meeting of shareholders scheduled for December 8 approve a dividend of RUB 1.111 (before taxes) per share, representing a total of approximately $214 million 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%. (MMK/Ukrainian metal)