PJSC ArcelorMittal Kryvyi Rih (Dnipropetrovsk region) will not pay dividends for 2016 and direct net profit in the amount of UAH 2.704 billion for development of production.

According to a plant press release, this decision was made at an annual general meeting of shareholders on April 27 this year.

The shareholders heard the reports of the company's executive body for 2016, the supervisory board and the revision commission for 2016, approved the annual report, and made the decision on profit distribution. The shareholders also approved a new wording of the statute, the provisions on a general meeting of shareholders and the supervisory council.

Members of the supervisory board and the revision committee were re-elected for a new term at the meeting.

The plant's net sales income in 2016 amounted to UAH 52.96 billion, net profit UAH 2.7 billion.

"Based on the results of approval of profit distribution, it was decided to direct profit PJSC ArcelorMittal Kryvyi Rih received in 2016 for production development," the press release reads.