Severstal mulls paying no dividends for Oct–Dec, Jan–Mar

MOSCOW, Apr 11 (PRIME) -- The management of Russian steelmaker Severstal will suggest that the board of directors recommend paying no dividends for October–December 2021 and January–March 2022, the company said in a statement on Monday.

In mid-February, the board of directors recommended paying 109.81 rubles per share in dividends for October–December 2021. The record date for the dividends was set at May 31, 2022, and the shareholders were to consider the decision at a meeting on May 20.

“Dividend payments for the fourth quarter of 2021 will be considered at an annual meeting of shareholders on May 20,” Severstal said.

“Given the current macroeconomic situation, the company’s management will recommend that the board of directors reject payment of dividends for the first quarter of 2022 and the fourth quarter of 2021. The board of directors will consider and adjust recommendations for dividend payments while approving issues connected to preparation for the annual meeting.”.

The company paid 85.93 rubles per share in dividends for July–September, 84.45 rubles per share in dividends for April–June, and 46.77 rubles per share in dividends for January–March 2021.

Severstal is one of Russia’s top producers of steel. Alexei Mordashov is the main beneficiary of the company.

(74.8501 rubles – U.S. $1)

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