Mechel decides on 2005 dividends

Mechel, a leading Russian mining and steel company, announced the results of its Annual General Shareholders' Meeting today. According to the results released by the company, a dividend of Ruble 12.73 per share (about $1.41 per one ADR) based on the company's operational results for 2005, amounting to a total of Ruble 5.3 billion ($195.7 million) was approved. The dividends' value exceeds 50 percent of Mechel's net income under US GAAP. The dividends are to be paid out before the end of the current year.