MMK Announces AGM Results

27.05.2016, Magnitogorsk, Russia

MMK Announces AGM Results

OJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company") today, on 27 May 2016, held its Annual General Meeting of Shareholders (AGM) in Magnitogorsk. The AGM approved MMK's annual report and financial statements for FY 2015 and resolved to pay a dividend for the 2015 financial year of RUB 0.31 per common share of issued stock (incl. tax). Earlier shareholders were paid interim dividends for H1 2015 of RUB 0.58 per common share (incl. tax).

The AGM elected MMK's Board of Directors. The new Board of Directors comprises Victor Rashnikov, Pavel Shilyaev (CEO at MMK), Kirill Levin (Deputy Chairman of the Management Board at AO Russian Agricultural Bank), Nikolai Lyadov (Deputy CEO for Sales at MMK), Olga Rashnikova (Director for Finance at MMK), Zumrud Rustamova (Deputy CEO at OAO Polymetal), Sergey Sulimov (Deputy CEO for Finance and Economy at OJSC MMK). In addition, three directors were elected who meet the Russian Corporate Governance Code's criteria for independence: Ruben Aganbegyan (General director at OAO Otkritie Holding), Valery Martsinovich (Strategic Director for European Fast Growing Markets Cluster at Hay Group), and Ralf Tavakolian Morgan (Director of the department at Baring Vostok Capital Partners Group Limited).

Alexander Maslennikov, Oksana Dyuldina, and Galina Akimova were elected as members of the Audit Commission. AO PricewaterhouseCoopers Audit was approved as the Company's Auditor.

Shareholders approved remuneration and compensation for the Board of Directors and members of the Audit Commission for 2016-2017.

After the AGM, the first meeting of MMK's new Board of Directors took place, at which Victor Rashnikov was elected as Chairman. The Board of Directors passed a resolution approving the following Committee Chairmen: Victor Rashnikov as Chairman of the Committee for Strategic Planning, Ruben Aganbegyan as Chairman of the Committee for Audit, and Valery Martsinovich as Chairman of the Committee for Nominations and Remuneration.

About MMK

MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel-producing complex 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 high-value-added products. In 2015, the company produced 12.2 million tonnes of crude steel and 11.2 million tonnes of commercial steel products. MMK Group had sales in 2015 of USD 5,839 million and EBITDA of USD 1,668 million.

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