By Phil Boeyen, ShareChat Business News Editor
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Wednesday 31st October 2001 |
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The steel company announced the sale of the subsidiary earlier this month for around $39 million. STU held a 51% share with the rest owned by its majority shareholder, Australian-listed OneSteel.
Selling the Canadian business marked the company's foray into the North American market. It has decided instead to concentrate its efforts in Australia and New Zealand.
The special dividend, which was announced at the company's AGM Wednesday, amounts to $8.77 million and carries full imputation credits.
Steel & Tube told shareholders that it is in a sound financial position and that payment of the special dividend won't affect its ability to pursue growth opportunities nor the consideration of the half yearly dividend in February next year.
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