Severstal does not rule out the possibility of allocating more than 100% of its free cash flow to dividend payments, said Nikita Klimantov, head of the company's investor relations department. "Probability is certainly there, but I wouldn't exaggerate its significance much," he explained, noting that the company's access to capital markets has become more difficult and it will seek to be in a net cash position, where cash on its books exceeds liabilities.