Siderar shareholders to vote on US$102mn dividend payment

Argentine flat steelmaker Siderar will hold a shareholders' meeting on April 18 to consider, among other things, a 300mn-peso (US$102mn) dividend payment, the company told the Buenos Aires stock exchange. The company posted a net profit of 1.34bn pesos for 2004, it reported earlier this month, up 218% compared to 422mn pesos in 2003. Siderar is the largest steel company in Argentina, and produces coke, cast iron and steel for the production of hot, cold and coated sheets. Its board recently approved an investment plan of US$680mn for 2005-2008, which involves boosting capacity to 4Mt from 2.6Mt in 2005. The Techint group controls the company.