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NLMK to pay 2023 dividend amounting to 25.43 rubles per share

This is virtually 80% of the estimated value of free cash flow for 2023, chief strategist of the investment company Vector X Maxim Khudalov noted

MOSCOW, May 14. /TASS/. Shareholders of Russia’s Novolipetsk Steel Company (NLMK) decided at its annual meeting to approve the decision to pay dividends on the company’s ordinary shares for 2023 in the amount of 25.43 rubles per share, the company reported.

Record date was set at May 27, 2024.

NLMK last paid dividends for 9M 2021.

Chief strategist of the investment company Vector X Maxim Khudalov noted that the company would pay not the maximum amount suggested by the dividend policy as per calculation dividends could total around 31.7 rubles per share against 25.43 rubles per share approved. "This is virtually 80% of the estimated value of free cash flow for 2023. Considering the current difficulties, it is safe to say that the company overall observes its dividend policy even despite the fact that as per calculation dividends could reach 31.7 rubles per share," he told TASS.

The situation with steel consumption on the domestic market is worsening as the availability of mortgage loans is falling sharply, which may lead to a decrease in the company’s money flows this year and growth of its debt burden, which is why it is reasonable to hold certain funds in the event of having to cut debt obligations, Khudalov added.

NLMK Group is a vertically integrated metals company, one of Russia’s largest producers of steel products. The group’s production assets are located in Russia, Europe and the US. The main shareholder of NLMK is Vladimir Lisin, who holds 79.3% of shares through Fletcher Group Holdings Limited, while 20.7% of the company’s shares are in free float.

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