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MMK shares down over 2.6% on MOEX amid 2024 dividend decision

Earlier, MMK said that the board of directors had recommended not to pay final dividends for 2024

MOSCOW, April 29. /TASS/. Shares of MMK (Magnitogorsk Iron and Steel Works) lost more than 2.6% on the Moscow Exchange following the recommendation by the company’s board of directors not to pay dividends for 2024, according to trade data.

As of 10:00 a.m. Moscow time (07:00 a.m. GMT) MMK shares were down by 2.61% at 33.805 rubles per share. By 10:15 a.m. Moscow time (07:15 a.m. GMT) the company’s shares had narrowed losses to 1.83% as they traded at 34.075 rubles per share.

Earlier, MMK said that the board of directors had recommended not to pay final dividends for 2024. For 1H 2024 MMK paid dividends in the amount of 27.87 bln rubles, or 2.494 rubles per share.

MMK is one of the largest global steel producers. Its operations in Russia include a steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. Chairman of the board of directors Viktor Rashnikov is the main shareholder of the company, holding 79.76% of shares, while the remaining stock is in free float.

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