Shareholders of MMK, one of Russia’s largest steel producers, voted to withhold dividends for 2011 at their annual meeting on Friday as a result of the company’s 2011 results, MMK said.
The company paid 3.69 billion rubles ($120 million) in dividends in 2010, or 0.33 rubles per ordinary share.
That was down from the steel maker’s 4.13 billion ruble payout (0.37 rubles per ordinary share) in 2009. MMK’s board of directors decided to recommend withholding the dividend after the company posted a net loss of $125 million in 2011 under IFRS, down from a profit of $232 million the year before.
MMK’s stock capital amounts to 11.174 billion rubles in 11.174 billion ordinary shares with a nominal value of 1 ruble.
The main beneficiary of the shares is the firm’s CEO Viktor Rashnikov. In 2011 MMK produced 12.2 million tons of steel, up 7 percent on the previous year.