MOSCOW, Aug 25 (Reuters) - The board of MMK, one of Russia's largest steelmakers, has recommended that its shareholders approve a dividend for the first half of 2016 of 0.72 roubles per ordinary share, or $123 million in total, the company said on Thursday.
It has also proposed a dividend record date of close of trading on Oct. 11, 2016.
MMK also said it had set a new dividend policy, providing for payment as dividend of no less than 30 percent of free cash flow calculated to the International Financial Reporting Standards (IFRS).
The policy envisages payment, as a rule, of an interim (half-year) and full-year dividends, the company said.