PJSC Magnitogorsk Iron and Steel Works: MMK Board Meeting Results

                     28 April 2020

Magnitogorsk, Russia

MMK Board Meeting Results

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Company") (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, announces that MMK Board of Directors held a meeting in absentia on 24 April 2020.

At the meeting, the Board made the following decisions, among others:

1. To approve 2019 MMK Sustainability Report;

2. To hold Annual General Meeting of Shareholders (AGM) in absentia

a. The deadline for receipt of voting ballots (the date of voting ballots receipt): 29 May 2020;

b. Postal address for delivery of completed ballots: 455008, Magnitogorsk, Branch of STATUS Registrar, 212, Karl Marks Prospect, Magnitogorsk;

c. The website address where the electronic form of the voting ballot can be completed: https://online.rostatus.ru/;

d. The e-mail address to which the persons entitled to participate at the AGM can send their completed voting ballots: [email protected].

Earlier, at its meeting on 28 February 2020, the Board of Directors approved 6 May 2020 (at the close of business) as the cut-off date for inclusion in the shareholder register for the AGM.

The agenda for the AGM will include:

1. Approval of the Company's annual report and annual financial statements for the 2019 financial year;
2. Distribution of profit, including payment (announcement) of dividends, based on the results of the 2019 financial year;
3. Election of members to the Company's Board of Directors;
4. Approval of the Company's auditor;
5. Approval of remuneration payments to members of the Company's Board of Directors.

Earlier at the meeting held on 28 February, the Board of Directors recommended that the Q4 2019 dividend record date be set as the close of business on 17 June 2020. At the meeting held on 4 February 2020, the Board of Directors recommended the AGM to approve the payment of dividends for Q4 2019 of RUB 1.507 per share (100% of FCF for the quarter).

About MMK

MMK is one of the world's largest steel producers and a leading Russian metals company. The Company'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 high-value-added products. In 2019, the Company produced 12.5 mln tonnes of crude steel and 11.3 mln tonnes of commercial steel products.

ММК is an industry leader in terms of production costs and margin. MMK Group had revenue in 2019 of USD 7,566 mln and EBITDA of USD 1,797 mln. MMK's debt load is the lowest for the industry. Net debt/EBITDA ratio was -0.13х at the end of 2019. The Company's investment-grade rating is confirmed by the leading global rating agencies Fitch, Moody's, S&P.

MMK's ordinary shares are traded on Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 15.7%.

Contacts

Investor Relations Department

Veronika Kryachko

Tel.: +7 (3519) 25-75-01 

E-mail: [email protected]

Communications Department