Shareholders of Russian steelmaker NLMK voted against paying dividends for the first nine months of 2022, rejecting the company's attempts to restore its dividend policy.
NLMK's board of directors had previously recommended a RUB2.6 ($0.035) dividend payout for the reporting period, but the company said "high macroeconomic and geopolitical uncertainty" was likely the reason for Saturday's rare shareholder vote against the payout.
“The payment of dividends for the full year 2022 will be considered at the annual general meeting of shareholders scheduled for June 2023,” the company said in a statement published on Saturday.
According to regulatory disclosures, about 98% of shareholders voted against paying dividends.
Like many other Russian commodities companies, NLMK abandoned its dividend plans in early 2022 - canceling planned payments for 2021 full-year and fourth-quarter results - after Russia's invasion of Ukraine sparked heavy Western sanctions on the sector and saw that Western buyers avoid Russian products.
The recommendation for a small payout of earnings for the first nine months of the year was seen as an attempt by the company to return to its usual dividend policy. Until this year's cancellation, NLMK had not missed a quarterly or annual dividend since 2014.
NLMK shareholders voted against the payment of dividends
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Azovpromstal® 6 January 2023 г. 11:38 |
