Russia’s Ashinskiy not to pay dividends for 2010

The board of directors of Russian steelmaker Ashinskiy Metallurgical Works has not recommended announcement of dividends for the 2010 financial year for its upcoming annual general shareholders meeting. It is proposed to spend the net profit of the company for 2010 (Ruble 1.815 billion ($64.6 million)) on modernization of basic production.