MMK Board of Directors Recommends Dividends For Q4 2018

PJSC Magnitogorsk Iron & Steel Works ("MMK" or "the Company”, ticker: MMK:LI) announces that on 8 February 2019 the Company’s Board of Directors recommended that the Annual General Meeting of shareholders approve a dividend of RUB 1.398 (before taxes) per share for the fourth quarter of 2018 on MMK’s issued ordinary registered shares.

The dividend will represent the total of approximately USD 239 mln at the current exchange rate, which equals to 100% of the Company’s FCF for Q4 2018.

As a result, for the FY 2018 the Company will distribute dividends equal to 100% of its generated FCF which totalled USD 1,027 mln.

2019 AGM date will be set at the Board of Directors meeting scheduled on March 1st 2019.