MECHEL REPORTS DECISIONS OF ITS BOARD OF DIRECTORS
Moscow, Russia – June 8, 2017 – Mechel PAO (NYSE: MTL, MOEX: MTLR), a leading
Russian mining and metals company, announces the decisions made by its Board of
Directors at a meeting held on June 6, 2017.
The Board of Directors made the following recommendations to the general meeting
of Mechel PAO’s shareholders:
- not to pay an annual dividend with respect to ordinary shares;
- to pay an annual dividend of 10.28 rubles per one preferred share
(approximately 0.18 US dollars per one preferred share and 0.09 US dollars per
one preferred ADR*);
- to make the payment by bank transfer within the time period and according to
form prescribed by Russian law.
The Board of Directors also recommended the general meeting of Mechel PAO’s
shareholders to approve dividing part of accumulated profit from previous years
as follows:
- to allocate 1,426,421,086.20 rubles (approximately 25,192,883.90 US dollars*)
for payment of dividends for listed preferred shares;
- to allocate 7,872,869,111.52 rubles (approximately 139,047,494.02 US dollars*)
to cover the 2016 loss;
- to leave the remainder of accumulated profit from previous years
(18,232,323,119.96 rubles, approximately 322,012,064.99 US dollars*)
unallocated.
The Board also suggested that the list of persons entitled to receive dividends
for 2016 be made based on the data in the Mechel PAO Shareholders’ Register as
of July 11, 2017.
The Board of Directors has also approved the following people as candidates to
the Board and the company’s Revision Commission to be voted upon at the annual
general meeting of Mechel PAO’s shareholders:
- For election to the Board of Directors:
1. Igor V. Zyuzin
2. Oleg V. Korzhov
3. Georgy G. Petrov
4. Alexander N. Kotsky
5. Alexander D. Orischin
6. Viktor A. Trigubko
7. Alexander N. Shokhin
8. Tigran G. Khachaturov
9. Yury N. Malyshev
- For election to the Revision Commission:
1. Alexander N. Kapralov
2. Natalya S. Zykova
3. Irina V. Bolkhovskikh
The annual general meeting of shareholders will be held on June 30, 2017 at the
following address: Russia, Moscow, Leningradsky Prospect, 40, Petroff Palace -
Petrovskiy Putevoy Dvorets, at 12:00 local time.
*Based on the Russian Central Bank exchange rate of 56.62 RUR/$ as of June 6,
2017.
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Mechel PAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
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Mechel is an international mining and steel company. Its products are marketed
in Europe, Asia, North and South America, Africa. Mechel unites producers of
coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and
electric power. All of its enterprises work in a single production chain, from
raw materials to high value-added products.
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Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of Mechel, as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. We wish to caution you that
these statements are only predictions and that actual events or results may
differ materially. We do not intend to update these statements. We refer you to
the documents Mechel files from time to time with the U.S. Securities and
Exchange Commission, including our Form 20-F. These documents contain and
identify important factors, including those contained in the section captioned
“Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our
Form 20-F, that could cause the actual results to differ materially from those
contained in our projections or forward-looking statements, including, among
others, the achievement of anticipated levels of profitability, growth, cost and
synergy of our recent acquisitions, the impact of competitive pricing, the
ability to obtain necessary regulatory approvals and licenses, the impact of
developments in the Russian economic, political and legal environment,
volatility in stock markets or in the price of our shares or ADRs, financial
risk management and the impact of general business and global economic
conditions.