NLMK pays record dividend

Novolipetsk Steel (NLMK), one of the largest Russian steelmakers, announced that it would pay out a record 46 percent of last year's net profit in dividends, despite a decrease in earnings last year. The policy of paying out higher dividends reflects the company's cash-rich balance sheet, the experts said. In addition, the enterprise's board of directors is intended to change the policies concerning the profit spent on dividends. NLMK decided to transfer 20 percent of net profit to pay up the dividends against 15 percent spent earlier. During next five years 30 percent are to be used for this purpose.