Roanoke Electric Steel (NASDAQ:RESC)
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Roanoke Electric Steel Corporation Raises Dividend Rate and
Declares 182nd Consecutive Quarterly Cash Dividend
ROANOKE, Va., April 22 /PRNewswire-FirstCall/ -- Roanoke Electric Steel
Corporation today reported that, at a regular meeting of the Board of
Directors of the Corporation held April 20, 2004, the Board restored the
dividend to the level in effect prior to a 50% reduction in November 2002 and
declared the 182nd consecutive quarterly cash dividend in the amount of 10
cents per share of common stock, payable May 25, 2004, to shareholders of
record May 7, 2004.
Donald G. Smith, Chairman and Chief Executive Officer, stated:
"The dividend rate increase approved by the Board recognizes the
Company's return to more historic profitability levels that existed
prior to the reduction announced in 2002, due to significant
improvements in the Company's operations and the business conditions
in the metals industry. The Board is gratified that the previous rate
can be reinstated at this time, after maintaining the dividend at the
reduced level for six quarters through one the most difficult periods
ever experienced in the steel industry."
Roanoke Electric Steel Corporation has steel manufacturing facilities in
Roanoke, Virginia and Huntington, West Virginia, producing angles, rounds,
flats, channels, beams, special sections and billets, which are sold to steel
service centers, fabricators, original equipment manufacturers and other steel
producers. Five subsidiaries are involved in various steel-related activities,
consisting of scrap processing and bar joist, reinforcing bar and truck trailer
beam fabrication.
This release contains various forward-looking statements which represent the
Company's expectations or beliefs concerning future events. In accordance with
the safe harbor provisions of the securities laws regarding such statements,
the Company notes that a variety of factors, including economic and industry
conditions, availability and prices of utilities, supplies and raw materials,
prices of steel products, foreign and domestic competition, trade policies
affecting imports and exports, governmental regulations, interest rates,
inflation, labor relations, environmental concerns and compliance issues and
other matters, could cause actual results and experience to differ materially
from those expressed in the forward-looking statements.
DATASOURCE: Roanoke Electric Steel Corporation
CONTACT: T. Joe Crawford of Roanoke Electric Steel Corporation,
+1-540-342-1831
Web site: http://www.roanokesteel.com/