SALZGITTER (dpa-AFX) - Salzgitter (SZGPF.PK, SZGPY.PK) has suspended dividend for the financial year 2019, citing the uncertainties caused by the impact of COVID-19.
The company noted that the global constraints on economic activities resulting from the Corona pandemic have had considerable impact on the company's course of business. Consequently, the original proposal for the distribution of profit no longer seems appropriate.
Therefore, the Executive Board and Supervisory Board will submit a proposal to the Annual General Meeting of Shareholders to carry forward the unappropriated retained earnings for the financial year 2019 to new account and, for the first time since the the company's listing in 1998, not to pay dividend, Salzgitter said in a statement.
The company also decided to postpone the Annual General Meeting of Shareholders planned for May 28, 2020 to July 8, 2020, and to hold the meeting as a virtual event.
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