Evraz approved the payment of a $0.17 dividend per ordinary share for 2011 this week.
The company approved the payment of the dividend at its annual general meeting on Monday. Evraz, which is the largest steelmaker in Russia, is partly owned by tycoon Roman Abramovich. The company posted a $453 million net profit in 2011, which was below a $661 million forecast, Reuters reports.
Evraz joined the FTSE 100 index in 2011 and said its total debt was $7.38 billion as of March 31. At the close of 2011, Evraz had a total debt of $7.25 billion.
On Tuesday, Evraz announced that it planned to engage in $6 billion in capital spending over the next four years to meet growing global demand for pipelines and railways, especially in North America.
“(We are planning an) increased investment focused on adding value to steel products, particularly in the rail and pipe segments,” Evraz said, according to Reuters. “(A) positive contribution of investments to EBITDA and cash flow (is) expected from 2013.”
Evraz leads the United States market for large-diameter pipes by production capacity. It anticipates positive growth in the North American steel market in the coming years and forecasts a four percent growth annually through 2016.