MMK announces

THE AGM results

1 june 2021

Magnitogorsk, Russia

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, announces that the Annual General Meeting of Shareholders ("the AGM") was held in absentia on 28 May 2021. The AGM approved the Integrated annual report and accounts for 2020 and approved the payment of dividends.

Based on the results of Q4 2020, dividends will be paid in the amount of RUB 0.945 (incl. tax) per share. Also dividends for the Q1 2021 will be paid in the amount of RUB 1.795 (incl. tax) per share.

The Q4 2020 and Q1 2021 dividend record date was determined as 17 June 2021.

The AGM elected MMK's Board of Directors as follows:

• Victor Rashnikov;
• Pavel Shilyaev (CEO of MMK);
• Sergey Ushakov (Deputy Director for Sales at MMK);
• Andrei Eremin (Director for Economics at MMK);
• Olga Rashnikova.

In addition, five directors were elected who meet the criteria for independence of the Russian Corporate Governance Code as recommended by the Central Bank of Russia, and the Listing Rules of Moscow Exchange:

• Valery Martsinovich (Strategic Director for European Fast-Growing Markets Cluster at Korn Ferry);
• Tav Morgan (Department Director at Baring Vostok Capital Partners Group Limited);
• Rashid Ismailov (President of VimpelCom);
• Olga Naumova (CEO at Eastern Retail Network LLC and CEO at LORUS SCM LLC).
• Mikhail Oseevskiy (President of Rostelecom);

The shareholders approved:

• PricewaterhouseCoopers Audit as MMK's auditor;
• Remuneration and compensation paid to members of the Board of Directors during their performance of duties in 2021-2022 (RUB 120 million).

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 18.7%.

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Investor Relations Department

Veronika Kryachko
+7 (915) 380-62-66
kryachko.vs@mmk.ru

ESG DEPARTMENT
 

Yaroslava Vrubel
+7 982 282 9682
vrubel.ys@mmk.ru

Communications Department

Dmitriy Kuchumov  
+7 (499) 238-26-13
kuchumov.do@mmk.ru

Oleg Egorov
+7 (499) 238-26-13
egorov.oa@mmk.ru