The Russian steel mill Magnitogorsk Iron and Steel Works (MMK) has announced that at the company's annual general meeting its shareholders decided not to pay out the final dividends for 2008. Interim dividends for 2008 were set at the rate of Ruble 0.382 (approx. $0.012) per ordinary share.
Speaking at the annual general meeting, MMK chairman Victor Rashnikov commented, "2008 was the most controversial year in MMK's history. On the one hand, the favorable economic situation of the first nine months enabled MMK to achieve high production and economic results. On the other hand, a sharp period of sharp global economic crisis at the end of the year affected MMK's plans. Nevertheless, the overall 2008 production results can be characterized as high and the financial position of the MMK Group as stable."
In addition, at the annual general meeting MMK's shareholders approved the company's annual report, its annual accounting statements and its income statement.