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MSC distributes 7.5 trillion rials in cash dividends to shareholders

An annual general assembly of Mobarakeh Steel Company (MSC), which convened on July 19, decided to distribute 7.5 trillion rials in cash dividends among its shareholders. The assembly, which was attended by 90 percent of MSC shareholders, heard an unqualified report by the company’s auditor on its financial records and statements.   
Amir-Hossein Naderi, MSC chief financial officer, said, “Under trade laws, stock companies are required to hold their annual general assembly no later than four months after the end of each fiscal year. To that end, Mobarakeh Steel Company managed to obtain an unqualified report from an independent auditor and legal inspector on its financial statements of the year leading to March 20, 2017 and hold its own annual general assembly within the deadline.”
He said that the agenda of the meeting was read out at the assembly which brought together over 90 percent of stockholders, adding members of the presiding board were picked as follows: Behzad Babollahzadeh, who represents the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), was named president of the assembly; Esmail Mokhtari Dowlatabadi, who represents the body in charge of distributing the Justice Shares, and Saeed Obudi, who is a representative from Sadr Ta'min Investment Company, were picked as observers; and Amir-Hossein Naderi was named secretary of the general assembly.   
Reading out a report by the MSC board of directors, the managing director of Mobarakeh Steel Company said MSC is the biggest producer of flat steel sheets in the Middle East and North Africa (MENA) region, adding his company claims a 50-plus percent share in local steelmaking and a 20 percent share in the MENA region.
Dr. Bahram Sobhani further said that MSC which produces 12 million tons of sponge iron per annum is the world’s largest sponge iron producer, adding his company accounts for 1 percent of the country’s GDP and 5 percent of the industry sector’s share of GDP.   
The MSC chief also touched on the composition of his company’s shareholders and pointed to MSC’s supply chain of more than 2,800 suppliers of goods and services. “The company’s wide customer base entails more than 1,000 companies and workshops which use steel products in different industries such as car- and home appliance-making, oil and gas transfer lines, and petrochemistry as well as pipes and profiles.”        
The managing director of the giant steelmaker expressed satisfaction with the upward trend of his company’s capital over the years and said, “Presently, the company’s latest registered capital stands at 75 trillion rials (divided by as many as 75 billion common shares by name) after experiencing four hikes. Mobarakeh Steel Company is now the country’s biggest listed company in terms of capital.” 
Dr. Sobhani went on to say that MSC accounts for 52 percent of crude steel production among Iran’s big steelmakers, adding that Khouzestan Steel Company and Esfahan Steel Company claim 25 percent and 15 percent, respectively. The production share of other companies is 8 percent.     
As for MSC’s production capacity in the year to March 20, 2017, he said that the company’s end products hit 6.071 million tons in the 12-month period, up 10 percent over a year earlier. “The sales of steel products hit 6.2 million tons in that period, up 18 percent over the year to March 20, 2016.”
Sales generated about 101.83 trillion rials in revenues last year, Dr. Sobhani said, adding that in light of the priority given to meeting domestic needs and a rise in domestic demand, the share of domestic sales rose in that period. 
The MSC managing director referred to expansion and optimization projects which came on stream last year and said to that end the following measures have been taken: Casting Machine No. 5 became operational; the output capacity increased to 7.2 million tons of steel slabs; the accumulation and withdrawals and direct reduction units at Chaharmahal and Bakhtiari Sefid Dasht Steel Complex were inaugurated; the desulfurization unit and demineralized water production unit (with a production capacity of 450 cubic meters) became operational; and the water transfer line No. 2 for carrying 1,400 cc of water, and the degassing system (RH-TOP) were constructed.
He also said that two projects – which are funded by the Europeans – to expand Hormozgan Steel Company and Shahid Kharrazi Hot Rolling Mill will soon get off the ground. 
As for his company’s plans for this year, Dr. Sobhani said according to the budget bill the added value of steel products should hover around 12 trillion tomans, with 253 rials in dividend for each share, adding this will become a reality thanks to the selfless efforts of MSC employees. 
He said that last year his company managed to make outstanding achievements, among them: being named the country’s leading knowledge-based company again; advancing to the final of the [2016] Asian MAKE (Most Admired Knowledge Enterprises) Award; being awarded the Golden Trophy of Consumer Rights Protection; being picked as Iran’s top company in base metals in the rankings of IMI-100 (Industrial Management Institute-100); receiving – for the first time in Iran – an accolade from the secretariat of the [Corporate] Social Responsibility Award; receiving a trophy from the Conference of Environment Supporters; obtaining ISO 10002 certificate on Customer Satisfaction and Complaints Handling, ISO 10004 certificate on measuring customer satisfaction and ISO 50001 certificate for [establishing, implementing, maintaining and improving] an energy management system; being granted the Productivity Award organized by IMIDRO for being the country’s top company in the mining industry; being praised as Exemplary Standard Unit at provincial and national levels; and being hailed as the provincial and national exemplary unit in terms of quality and standard by Isfahan Province’s Directorate General for Standards.   

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