PJSC Novolipetsk Steel's board recommended a dividend of 3.36 Russian rubles per share for the fourth quarter of 2017, lower than its third-quarter dividend of 5.13 rubles per share, according to a March 7 release.
Novolipetsk shareholders will vote for the approval of the proposed dividend at the company's annual shareholder meeting June 8.
The Russian steelmaker posted a 39% year-over-year jump in net income for the fourth quarter of 2017 to US$428 million, with its full-year 2017 net income up 55% year-over-year to US$1.45 billion.
As of March 7, US$1 was equivalent to 56.80 Russian rubles.
