CSN shareholders approve dividend payment
Bnamericas Published: Monday, May 02, 2005
Shareholders of Brazilian integrated steelmaker CSN (NYSE: SID) approved dividend and interest on capital payments at the company's ordinary shareholders' meeting, the company said in a filing to São Paulo's Bovespa stock exchange. CSN will pay an interest on capital payment of 239mn reais (US$94.9mn), or 0.87 reais per share, plus pay dividends totaling 2.03bn reais, or 7,352 reais per share. The payments will be made to shareholders of record April 29. CSN posted net profit of 717mn reais in 1Q05, an increase of 115% compared to 1Q04, on net sales of 2.86bn reais. The company produced 1.17Mt of steel during the quarter, a dip of 14% compared to 1Q04 related to a power outage that affected the company's mill in Volta Redonda. CSN executives forecast production of 5Mt for 2005 on sales of 5.2Mt-5.6Mt. In addition to its steelworks, CSN also owns the Casa de Pedra and Pedreira da Bocaina iron ore mines. The company also holds a stake in railroad logistics company MRS.
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