Roanoke Electric Steel Corporation Raises Dividend Rate and Declares 182nd Consecutive Quarterly Cash Dividend
23 Aprile 2004 - 12:27AM
PR Newswire (US)
Roanoke Electric Steel Corporation Raises Dividend Rate and
Declares 182nd Consecutive Quarterly Cash Dividend ROANOKE, Va.,
April 22 /PRNewswire-FirstCall/ -- Roanoke Electric Steel
Corporation today reported that, at a regular meeting of the Board
of Directors of the Corporation held April 20, 2004, the Board
restored the dividend to the level in effect prior to a 50%
reduction in November 2002 and declared the 182nd consecutive
quarterly cash dividend in the amount of 10 cents per share of
common stock, payable May 25, 2004, to shareholders of record May
7, 2004. Donald G. Smith, Chairman and Chief Executive Officer,
stated: "The dividend rate increase approved by the Board
recognizes the Company's return to more historic profitability
levels that existed prior to the reduction announced in 2002, due
to significant improvements in the Company's operations and the
business conditions in the metals industry. The Board is gratified
that the previous rate can be reinstated at this time, after
maintaining the dividend at the reduced level for six quarters
through one the most difficult periods ever experienced in the
steel industry." Roanoke Electric Steel Corporation has steel
manufacturing facilities in Roanoke, Virginia and Huntington, West
Virginia, producing angles, rounds, flats, channels, beams, special
sections and billets, which are sold to steel service centers,
fabricators, original equipment manufacturers and other steel
producers. Five subsidiaries are involved in various steel-related
activities, consisting of scrap processing and bar joist,
reinforcing bar and truck trailer beam fabrication. This release
contains various forward-looking statements which represent the
Company's expectations or beliefs concerning future events. In
accordance with the safe harbor provisions of the securities laws
regarding such statements, the Company notes that a variety of
factors, including economic and industry conditions, availability
and prices of utilities, supplies and raw materials, prices of
steel products, foreign and domestic competition, trade policies
affecting imports and exports, governmental regulations, interest
rates, inflation, labor relations, environmental concerns and
compliance issues and other matters, could cause actual results and
experience to differ materially from those expressed in the
forward-looking statements. DATASOURCE: Roanoke Electric Steel
Corporation CONTACT: T. Joe Crawford of Roanoke Electric Steel
Corporation, +1-540-342-1831 Web site: http://www.roanokesteel.com/
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