The company has the same situation as Severstal. Incomes are also not growing.

Figure 1.

But the company prefers to reduce liability rather than pay large dividends. 

Figure 2.

Dividends have a good correlation with the “strict FCF” and this indicates a good financial management when the company does not want to increase obligations in order to solve all problems in this way.

Figure 3.

So, it remains to look at all our indicators, linking them to the stock price.

Figure 4.