PJSC Magnitogorsk Iron and Steel Works: MMK Board meeting results

MMK announces

THE EGM results

28 december 2021

Magnitogorsk, Russia

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK), one of the world's largest steel producers, announces that the Extraordinary General Meeting of Shareholders ("the EGM") was held in absentia on 24 December 2021. The EGM approved the payment of dividends for Q3 2021.

Based on the results of Q3 2021, dividends will be paid in the amount of RUB 2.663 (incl. tax) per share.

The Q3 2021 dividend record date was determined as 13 January 2022.

About MMK

MMK is one of the world's largest steel producers and a leading Russian metals company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products, with a predominant share of premium products. In 2020, MMK produced 11.6 mln tonnes of crude steel and sold 10.8 mln tonnes of commercial steel products.

ММK is an industry leader in terms of production costs and margins. Group revenue in 2020 totalled USD 6,395 mln, with an EBITDA of USD 1,492 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.06х at the end of 2020. The Group's investment-grade rating is confirmed by the leading global rating agencies Fitch, Moody's and S&P.

MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 20.2%.

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