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October 10, 2022

MMK notifies on the extension of forced GDR conversion period

PJSC Magnitogorsk Iron & Steel Works (“MMK”, the “Group”) (MOEX: MAGN, LSE: MMK) notifies on the extension of the forced Global Depositary Receipt (“GDR”) conversion process period.

In line with Article 3 of the Federal Law No. 381-FZ On Amendments to Certain Legislative Acts of the Russian Federation (“Law 381-FZ”), which took effect on 7 October 2022, the terms of the forced GDR conversion were extended by 30 days to let securities holders collect the necessary documents and apply for the conversion.

It is expected that the GDR holders will be able to submit an application to convert their GDRs into MMK shares (“Application”) to JSC Citibank (“Citibank”), the depositary bank managing the depositary programme’s custody (“Forced Conversion”), through 10 November 2022. No later than 24 November 2022, Citibank is required either to open accounts for applying investors and credit MMK shares to such accounts or to issue a refusal to conduct the transactions.

The guidelines and Application form of the Forced Conversion can be found on Citibank’s website (in Russian).

Given the information outlined above, MMK encourages GDR holders to contact Citibank directly.

Concurrently, Article 4 of the Law 381-FZ extended the terms of transferring share recordkeeping to Russian jurisdiction by 30 days. If rights to MMK shares are recorded in a foreign nominee account and restrictions render transactions in these shares at foreign organisations authorised to record and transfer rights to securities impossible, the holder of shares or the person for whose benefit the holder of shares acts may submit an application through 10 November 2022, requesting a forced transfer of recordkeeping for such securities to a Russian depository managing a foreign nominee account for MMK shares.

Should you have any additional questions please contact with MMK’s Investor Relations Department via email:

Investor Relations Department

Veronika Kuznetsova
+7 (915) 380-62-66

Ilya Nechaev
+7 (909) 093-08-98

Communications Department

Dmitriy Kuchumov  
+7 (499) 238-26-13

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