Russia's Mechel to pay $29.5 mln in dividends

MOSCOW Fri May 28, 2010 9:29am EDT

MOSCOW May 28 (Reuters) - Russia' coking coal and steel producer Mechel (MTL.N) said on Friday its board had recommended paying shareholders $29.5 million in dividends for 2009.

It said in a statement the board recommended a dividend of 1.09 roubles (around $0.035) per ordinary share for a total of $14.7 million and 3.29 roubles ($0.11) per preference share for a total of $14.8 million.

The dividend has to be approved by an annual shareholders meeting to take place on June 30. The ex-dividend date is May 24. (Reporting by Aleksandras Budrys; editing by Dmitry Sergeyev)

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