Russel Metals Reduces Quarterly Common Share Dividend
23 Februar 2009 - 7:54PM
Marketwired
Russel Metals Inc. (TSX: RUS) announced today that it has declared
a dividend in the amount of Cdn $0.25 per share on its common
shares, payable on March 16, 2009 to shareholders of record at the
close of business on March 4, 2009.
The decision to reduce the quarterly dividend payment to $0.25
per share in the first quarter reflects the abrupt and severe drop
in demand experienced to date in 2009. The new annual dividend rate
of $1.00 represents a yield of 6.2% at last Friday's closing share
price of $16.14.
Brian Hedges, COO and Executive Vice-President stated, "We have
reduced the dividend due to the drastic and unprecedented decline
in our business levels. It continues to be our intention to reward
our shareholders at a level our earnings and cash flow justify. Our
shareholder base includes a large number of individual investors
and the Company is aware of how important the dividend is to these
owners. We have made this change with great reluctance."
Russel Metals is one of the largest metals distribution
companies in North America. It carries on business in three metals
distribution segments: metals service centers, energy tubular
products and steel distributors, under various names including
Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier
Richler, Arrow Steel Processors, B&T Steel, Baldwin
International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel
Metals, Leroux Steel, McCabe Steel, Megantic Metal, Metaux Russel,
Metaux Russel Produits Specialises, Milspec Industries, Norton
Metals, Pioneer Pipe, Russel Metals Specialty Products, Russel
Metals Williams Bahcall, Spartan Steel Products, Sunbelt Group,
Triumph Tubular & Supply, Wirth Steel and York-Ennis.
Contacts: Russel Metals Inc. Sherri Mooser Assistant Secretary
(905) 819-7419 Email: info@russelmetals.com Website:
www.russelmetals.com
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