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Severstal recommends higher YOY FY'16 dividend of 27.73 rubles per share

The board of PAO Severstal on Feb. 1 recommended a dividend of 27.73 Russian rubles per share for 2016, up from 20.27 rubles per share proposed a year earlier.

The company will seek shareholder approval for the dividend at a June 9 annual general meeting. If approved, the record date for the payout will be June 20.

Separately, Severstal announced plans to invest approximately 43 billion Russian rubles across its operations in 2017, focusing on increasing production of high-value-added products, cost control and enhancing safety and customer care.

The Russian steelmaker's crude steel production in 2016 increased 2% to 11.6 million tonnes, while hot metal output improved 1% to 9.3 million tonnes.

As of Jan. 31, US$1 was equivalent to 59.94 Russian rubles.