Zaporizhstal shareholders cancel dividend payout

At the EGM held on December 17, Zaporizhstal (ZPST) shareholders voted for cancelling their July 30 decision to pay 100% of net income in 2007 (UAH 553.8 mln). The decision was reasoned by the crisis in metallurgy, according to the company’s statement. As decided at the EGM, UAH 487.1 mln will be used for reconstruction and modernization, UAH 26.1 mln will be directed at replenishing of reserve fund. Another UAH 40.6 will be used for acquisition of corporate rights, the details were not disclosed.