Press Release 31 December 2019 Magnitogorsk, Russia

MMK EGM approves dividends for Q3 2019

PJSC Magnitogorsk Iron & Steel Works' ("MMK", or "the Company") (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, announces that an Extraordinary General Meeting of shareholders ("the EGM") was held on 27 December 2019 with absentee voting.

Shareholders approved by majority vote a dividend on MMK's issued ordinary registered shares of RUB 1.650 (incl. tax) per share for the third quarter of 2019.

The dividend will be paid in cash by bank transfer within the period and in the manner stated by the Federal Law on Joint-Stock Companies.

The dividend record date is set as the close of trading on 15 January 2020.

About MMK

MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia span the entire value chain from iron ore processing to downstream production of rolled steel. MMK produces an extensive range of steel products with a predominant share of high-value-added products. In 2018, the company produced 12.7 million tonnes of crude steel and 11.7 million tonnes of commercial steel products.

MMK is one of the cost leaders in the industry with leading positions in profitability. In 12M 2018, the Company generated USD 8,214 million in revenue and USD 2,418 million in EBITDA. MMK Net Debt/EBITDA ratio is the lowest in the industry - (0.08x) as of 2018. The Company has investment grade ratings from Fitch, Moody's, S&P.

MMK is listed on Moscow Stock Exchange and the Company's GDRs are traded on the London Stock Exchange. The Company's free-float is 15.7%.

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