U.K.-based mining giant Evraz, which operates mainly in Russia, has no plans to change its dividend policy, Vice President for Finance Nikolai Ivanov said during the company’s investor day.
“We are not considering any changes to our dividend policy as of today,” he said.
Under the company’s dividend policy, it pays at least $300 million in dividends per year if its ratio of net debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) stands below 3x.
In the materials for its investor day, the company said it had planned to maintain net debt below $4 billion and the net debt to EBITDA ratio below 2x. In January-June net debt of Evraz stood at $3.65 billion, with the ratio amounting to 1.1x.
Roman Abramovich holds 28.77% voting shares in Evraz, while his partners Alexander Abramov and Alexander Frolov have 19.41% and 9.69%, respectively. (Prime/Ukrainian metal)