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MMK plans to move dividend payouts to quarterly schedule from semiannual

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MMK plans to move dividend payouts to quarterly schedule from semiannual

PJSC Magnitogorsk Iron & Steel Works plans to to switch its dividend policy and move to quarterly payouts to shareholders instead of semiannual payments, the company announced Oct. 16.

The board of directors approved a resolution to hold an extraordinary general meeting of shareholders with absentee voting with a cutoff date of Dec. 8.

The size of the next dividend will depend on the company's financial results for the first nine months of 2017, MMK said.

For the first half of 2017, the company reported a net profit of US$538 million, up by 10.7% on the corresponding period of 2016.