Moscow, Russia — May 31, 2005 — Mechel OAO (NYSE: MTL), a leading integrated Russian mining and metals producer, announces its board’s dividend recommendation.
Mechel’s Board of Directors meeting recommended to the annual general shareholders’ meeting that it approve an annual dividend of 13.7 rubles (approximately $0.49) per ordinary share, which corresponds to approximately $1.47 per ADR, 1 for the 2004 fiscal year. The total dividend would amount to RUR 5,702,909,206.5 (approximately $203 million).
The dividends are subject to a withholding tax in an amount up to 15% in accordance with Russian legislation, depending on the recipient’s legal status and jurisdiction.
The record date for the Company’s share- and ADR-holders entitled to participate in the annual general shareholders’ meeting and to receive dividends is May 27, 2005. The annual general shareholders’ meeting will be held on June 28, 2005.
1According to the Russian Central Bank exchange rate of 28.08 RUR/$ as of May 30, 2005.
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Mechel OAO Irina Ostryakova Phone: 7-095-258-18-28 e-mail: Irina.Ostryakova@mechel.com
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Mechel is one of the leading Russian metals and mining companies. The Company unites producers of steel, rolled products, hardware, coal, iron ore concentrate, and nickel. Mechel products are marketed domestically and internationally.
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