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PJSC Magnitogorsk Iron and Steel Works

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DGAP-UK-Regulatory News vom 26.05.2017

MMK Announces AGM Results

OJSC Magnitogorsk Iron and Steel Works / AGM Statement

26-May-2017 / 11:59 CET/CEST
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26 May 2017, Magnitogorsk

MMK Announces AGM Results

OJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company") announces that today, 26 May 2017, it held its Annual General Meeting of Shareholders (AGM) in Magnitogorsk. The AGM approved MMK's annual report and financial statements for FY 2016 and decided to pay a dividend for the 2016 financial year of RUB 1.242 per common share of issued stock (incl. tax). Earlier shareholders were paid interim dividends for H1 2016 of RUB 0.72 per common share (incl. tax).

The AGM elected MMK's Board of Directors. The new Board of Directors comprises Victor Rashnikov, Pavel Shilyaev (CEO at MMK), Nikolai Lyadov (Deputy CEO for Sales at MMK), Sergey Ushakov (Deputy CEO for Operations at MMK), Olga Rashnikova (Head of the Financial Department at MAGSTORN LLC.), Zumrud Rustamova (Deputy CEO at AO Polymetal), Kirill Levin (Deputy Chairman of the Management Board at AO Russian Agricultural Bank). In addition, three directors were elected who meet the Russian Corporate Governance Code's criteria for independence: Ruben Aganbegyan (President of Bank PJSC "FC Otkritie"), Valery Martsinovich (Strategic Director for European Fast Growing Markets Cluster at Hay Group), and Ralf Tavakolian Morgan (Department Director at Baring Vostok Capital Partners Group Limited).

Alexander Maslennikov, Oksana Dyuldina, and Galina Akimova were elected as members of the Audit Commission. AO PricewaterhouseCoopers Audit was approved as the Company's Auditor.

Shareholders approved remuneration and compensation for the Board of Directors and members of the Audit Commission for 2017-2018.

Shareholders made a resolution to change the legal name of OJSC MMK in line with Chapter 4 of the Russian Civil Code to the following name:

- full legal name - Public Joint Stock Company Magnitogorsk Iron and Steel Works

- short legal name - PJSC MMK

New versions of the Charter and bylaws of PJSC MMK were approved.

The new legal name PJSC MMK, new versions of the Charter and bylaws of PJSC MMK come into force as of the date of the state registration of the Charter of PJSC MMK by a registration authority.

After the AGM, the first meeting of MMK's new Board of Directors took place, at which Victor Rashnikov was elected as Chairman.

Notes for editors:

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 complex 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 2016, the company produced 12.5 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had sales in 2016 of USD 5,630 million and EBITDA of USD 1,956 million.


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