The board of directors of Russia’s Magnitogorsk Iron and Steel Works (MMK) has recommended paying 0.806 rubles per common share in dividends for 2017, the company said in a statement on February 6.
In 2017 the company paid 0.869 rubles per share in dividends for January-June and 1.111 rubles per share, or a total of about $209 million, in dividends for January-September. Previously the company paid 1.242 rubles per share or 13.879 billion rubles in final dividends for 2016.
Under its dividend policy, MMK earmarks at least 50% of its IFRS free cash flow for dividends if its net debt/EBITDA ratio is below 1.
Viktor Rashnikov, chairman of the board of directors, is a beneficial owner of 84.3% in the company. (Prime/Ukrainian metal)