NLMK shareholders vote to waive 2022 dividends

MOSCOW. June 30 (Interfax) - NLMK shareholders voted at their annual meeting to waive dividends for 2022, the Russian steelmaker said in a statement.

NLMK has not paid dividends since the end of 2021. The board at the end of last year recommended that shareholders consider a dividend of 2.6 rubles per share for 9M 022, but the dividends were not approved.

NLMK has not published financial results for 2022. NLMK's dividend policy is to pay shareholders 100% of free cash flow, provided that net debt/EBITDA is at 1x or below. At a leverage of over 1x, shareholders will receive 50% of FCF as dividends.

NLMK did not disclose its new board of directors, but said in information for the AGM that candidates for the board were Chairman of the Board and the company's core owner Vladimir Lisin; Grigory Fedorishin, CEO of NLMK ; Tatiana Averchenkova, Managing Director of Novolipetsk Steel; Deputy Chairman of the Board Oleg Bagrin; former vice president for sales, Ilya Gushchin; Dmitry Donov, NLMK's Director of Legal Affairs; and independent candidates Stanislav Shekshnia, former general director of Alfa Telecom and board chairman at SUEK, Thomas Verasto, firmer partner at Boston Consulting Group and Nikolay Gagarin, Managing Partner at Reznik, Gagarin & Partners.