Mechel Board of Directors recommends not paying dividends for 2022

Board of Directors of the Russian mining company “Mechel» recommended to the General Meeting of Shareholders not to pay dividends for 2022. About this says in a company message.

Also, the council recommended the resulting loss of 33 million rubles. do not repay and leave on the balance sheet of the company. The AGM is scheduled for June 30th.

At the end of 2020, the company paid 162 million rubles. on preferred shares. In April, Vedomosti experts allowedWhat “Mechelmay return to paying dividends.

In March, the company disclosed only operating results for 2022. Coal production remained at the level of the previous reporting period and amounted to 11.3 million tons, positive dynamics was in the production of pig iron and steel smelting. A fall of 22% was shown by sales of coke products. “The decrease in export sales was partially offset by an increase in sales of certain types of metal products in the domestic market,” the company added.

General Director Oleg Korzhunov then said that the process of unbalancing the commodity market would continue in 2023, “forcing coal miners to adapt to new realities and look for new opportunities to sell their products.”

“Mechel” is a mining and metallurgical company that unites more than 20 enterprises, three commercial ports and transport operators. Igor Zyuzin is the Chairman of the Board of Directors of the company. Some companies of the group are under UK sanctions.