OREANDA-NEWS. May 12, 2012. Mechel (NYSE: MTL), one of the leading Russian mining and metals companies, announces its Board’s dividend recommendation, reported the press-centre of Mechel. 

Mechel’s Board of Directors held a meeting confirming recommendations to the annual general shareholders’ meeting regarding the payment of dividends:

the Board recommended annual dividend of 8.06 rubles (approximately USD 0.27 per ADR*) per one ordinary share;

the Board recommended annual dividend of 31.28 rubles per one preferred share (approximately \\$1.05 per one preferred share and \\$0.52 per one preferred ADR).

According to the Board’s decision dividend payment will be made in cash by wire transfer no later than 60 days after the day of the decision to make the dividend payment.

The Board recommended to Mechel general shareholders’ meeting to divide part of the accumulated profit from past years in the following way:

to allocate 3,355,142,204.70 rubles (approximately USD 112,560,335.64) for payment of dividends for listed ordinary shares;

to allocate 4,340,316,301.20 rubles (approximately USD 145,611,550.82) for payment of dividends for listed preferred shares.

The list of persons entitled to take part in the general shareholders’ meeting and the list of persons entitled to receive dividends for the 2011 fiscal year will be made based on the data in the Shareholders’ Register as of May 22, 2012. The annual general shareholders’ meeting will be held on June 29, 2012, at the address: 1 Krasnoarmeyskaya Ul., Moscow, Russian Federation.