MMK board meeting results

24 may 2022

Magnitogorsk, Russia

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK) announces MMK Board of Directors decisions, which were adopted at the meeting on 20 May 2022.

At the meeting, the Board set up the agenda for MMK Annual General Meeting of Shareholders (AGM) to include:

1. Approval of MMK's annual report and annual financial statements for the 2021 financial year;

2. Decision on the distribution of profit, including payment (announcement) of dividends, based on the results of the 2021 financial year;

3. Election of members to MMK's Board of Directors;

4. Approval of MMK's auditor;

5. Approval of remuneration payments to members of MMK's Board of Directors.

Earlier, at its meeting on 25 April 2022, the Board of Directors approved 30 June 2022 as the AGM date and 6 June 2022 (at the close of business) as the cut-off date for inclusion in the shareholder register for the AGM.

At the meeting, the Board made the decision to recommend the AGM not to pay the dividends for Q4 2021 and to cancel the earlier decision of MMK's Board of Directors dated 25.02.2022 (Minutes No.11) "On recommendations to the Annual General Meeting of Shareholders of MMK on the amount of dividend on outstanding ordinary shares of MMK and the procedure for its payment based on the results of the 2021 financial year".

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