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PJSC Magnitogorsk Iron and Steel Works (MMK)
PJSC Magnitogorsk Iron and Steel Works: MMK Board Meeting Results
03-Jun-2021 / 08:04 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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MMK board meeting results
3 june 2021
Magnitogorsk, Russia
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PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, announces that MMK's Board of Directors held a meeting on 2 June 2021.
At the meeting, the Board made the following decisions, among others:
- Victor Rashnikov was elected Chairman of MMK's Board of Directors;
- Four committees were formed:
- The Audit Committee, chairman - Mikhail Oseevskiy;
- The Nomination and Remuneration Committee, chairman - Valery Martsinovich;
- The Strategic Planning Committee, chairman - Victor Rashnikov;
- Health, Safety and the Environment Committee, chairman - Tav Morgan.
- Valery Martsinovich was recognized as the Independent Director;
- Was approved the Activity Plan of MMK's Board of Directors for 2021-2022.
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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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