MMK reports payment of dividends for H1 2008

26 February 2009 (14:22)

MMK announces that as of Feb 25, 2009 it has fulfilled its obligations on dividends payout for the first six months of 2008. The decision on dividend payment in the amount of RUR 0.382 per ordinary share was taken by the Extraordinary Shareholders’ Meeting on August 29, 2008. The total amount of dividends accrued is RUR 4.268.594.060,00.

Major shareholders of MMK – Mintha Holding Limited and Fulnek Enterprises Limited, both beneficially owned by MMK Chairman of the Board of Directors Mr. Rashnikov, – proposed that the share of accumulated dividends which was to be paid to them during the period of worsening market conditions be put off. This amount will be paid to them once the financial and economical conditions of MMK improve.

Thus, the total amount of dividends paid for the first six months of 2008 is RUR 2.405.711.361,04.

It was reported earlier that the issue of dividend payout for the full financial year 2008 will be considered at the Annual general shareholders’ meeting on May 22, 2009 based on recommendations of the Board of Directors. According to the approved dividend policy, the Board of Directors will further on make recommendations on the size of dividends based on the Company’s financial and economical condition, prospects of the Company's and steel industry's development, maintaining a proper balance between the interests of the Company and its shareholders.

The list of persons entitled to participate in the General Shareholders’ meeting of the Company's shareholders will be prepared on the basis of the Shareholders’ Register as of business close April 09, 2009.

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