The approval of this dividend will be made at the company’s annual general meeting, which is scheduled to occur this year on June 28. The deadline for participation in the annual general meeting is May 15, SteelGuru.com reports.
The meeting will be held at 41 Mateallurgists Palace, Stalevarov Street, Cherepovets, Vologda Region, Russia. Registration for the event will open at 11:00 a.m. The meeting will begin at noon. A complete agenda for the annual event has yet to be approved by the board and should be released in May.
The proposed $0.12 dividend represents approximately 25 percent of the fourth quarter profits in 2011 and is expected to be approved by shareholders, according to SteelGuru.com.
Severstal is the largest steel company in Russia and is involved primarily within the steel and mining industries. The company was founded in 1993 and is headquartered in Cherepovets, Russia.