The supervisory board of the public joint stock company ArcelorMittal Kriviy Rih took a decision to hold an extraordinary meeting of its shareholders in Kriviy Rih on October 10.
Agenda includes payment of dividends. Shareholders are proposed to spend 10,845 billion UAH for this that is equivalent to 2.81 UAH per ordinary share. If the shareholders take such a decision, the supervisory board of the company will define the terms and procedure for dividends payment. According to the law “About joint stock companies”, this period shall not exceed half a year since the decision is made by shareholders.
Sergey Plichko, Chief Financial Officer, ArcelorMittal Kriviy Rih: “It is a usual practice for business as joint stock company to pay dividends to its shareholders. Last time the dividends were paid for 2007 – during the period of raw materials super cycle in the global economy that was over in autumn 2008, when the crisis reached not only financial market, but also caused decline in production volumes, demand and raw materials prices. Due to poor markets conditions in 2009 and during 2012-2014, the company had losses and shareholders did not discuss dividends payment. Only in 2015-2018 the company achieved positive financial results. Now the supervisory board recommends spending the part of undistributed profit, accumulated during this 4-year period, for dividends payment. Since taking over of the plant ArcelorMittal company invested huge amounts in its modernization and implementation of large-scale investment projects. The corporate policy remains the same, dividends payment will not affect our investment program – during next 5 years we plan to invest another $1.8 billion in production development, including construction of pellet plant, which will enable us to abandon outdated sintering operations and improve our environmental footprint by 50-55%”.
The total number of PJSC ArcelorMittal Kriviy Rih shares is 3,859,533,000. The company has about 10 thousand shareholders – mostly individuals (about 20 entities). The major stock of shares (95.13%) is owned by ArcelorMittal Duisburg (Germany), and the rest belongs to minority shareholders. (AMKR/Ukrainian metal)