Magnitogorskiy Mtallurgchsky KmbntPAO : MMK donates RUB 100 million to Magnitogorsk relief effort

04.01.2019

Magnitogorsk Iron and Steel Works (MMK) has donated around RUB 100 million to support those affected by the collapse of a residential apartment building in Magnitogorsk. The donation was approved by the Chairman of MMK's Board of Directors, Viktor Rashnikov, and the funds have been transferred to the accounts of Magnitorgorsk-based charitable foundation Metallurg.

Viktor Rashnikov said: 'Magnitogorsk has always come together during testing times. The city and MMK have throughout their history been a single, united whole. So we feel the pain of those who have suffered in this tragedy like our own pain. We cannot remain bystanders and not help people in need. At the same time, we fully understand that no financial aid can ever replace the loss of relatives and loved ones.'

In line with MMK's decision, close relatives (spouses, children, parents and dependents) will receive RUB 1 million, divided equally, for each person who lost their life in the tragedy. Those injured will receive RUB 200,000 for light injuries or RUB 400,000 for heavier injuries. In addition, to help compensate the loss of property, apartment owners and those renting under social tenancy agreements will receive from RUB 300,000 to RUB 500,000 depending on the number of rooms in the apartment.

About MMK

MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel-producing complex encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of high-value-added products. In 2017, the company produced 12.9 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had sales in 2017 of USD 7,546 million and EBITDA of USD 2,032 million.

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