MOSCOW, Nov 9 (Reuters) - Severstal, Russia's largest steelmaker, said on Tuesday its board of directors will meet Nov. 12 to discuss whether to resume dividend payments, which were interrupted during the recent financial downturn.
Severstal did not pay any dividends last year, and it has not said how much it could pay shareholders if payments are resumed.
Uralsib analyst Dmitry Smolin said the company could pay out about 10 cents per share for the third quarter.
'On our estimates, Severstal may distribute up to 50 percent of its 3Q10 IFRS net income (around $200 mln, we believe), which should result in dividend payment of around $0.1/share, or 0.7 percent dividend yield,' he wrote in a note.
Severstal will report its third quarter earnings on November 16.
The company returned to profit in the second quarter of 2010, posting a net figure of $192 million. It said at the time it expected to resume dividends 'in the foreseeable future'.
(Reporting by Polina Devitt, writing by Alfred Kueppers; Editing by Hans Peters) Keywords: RUSSIA SEVERSTAL/ (alfred.kueppers@thomsonreuters.com; Tel +7 495 775 1242; Reuters Messaging: alfred.kueppers@thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Severstal did not pay any dividends last year, and it has not said how much it could pay shareholders if payments are resumed.
Uralsib analyst Dmitry Smolin said the company could pay out about 10 cents per share for the third quarter.
'On our estimates, Severstal may distribute up to 50 percent of its 3Q10 IFRS net income (around $200 mln, we believe), which should result in dividend payment of around $0.1/share, or 0.7 percent dividend yield,' he wrote in a note.
Severstal will report its third quarter earnings on November 16.
The company returned to profit in the second quarter of 2010, posting a net figure of $192 million. It said at the time it expected to resume dividends 'in the foreseeable future'.
(Reporting by Polina Devitt, writing by Alfred Kueppers; Editing by Hans Peters) Keywords: RUSSIA SEVERSTAL/ (alfred.kueppers@thomsonreuters.com; Tel +7 495 775 1242; Reuters Messaging: alfred.kueppers@thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.