ASARCO Declares Dividend.NEW YORK--(BUSINESS WIRE)--Jan. 27, 1999--The Board of Directors of ASARCO ASARCO American Smelting and Refining Company Incorporated (NYSE NYSE See: New York Stock Exchange :AR) today declared a quarterly dividend on Asarco's common stock of five cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. payable March 9, 1999 to stockholders of record at the close of business on February 10, 1999. In making the announcement, Richard de J. Osborne, Chairman of the Board of Asarco, said, "The Board lowered the dividend from the 10 cents to five cents as a result of lower copper prices and their impact on earnings. "In a cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. business such as ours the dividend rate over time must relate to the Company's earnings. We aggressively increased the dividend when earnings warranted a higher rate and believe we should now set the dividend at a lower level," he said. In 1993 and 1994 and the first quarter of 1995, Asarco paid a dividend of 10 cents per share. The dividend was increased, when copper prices and earnings improved, to 20 cents per share in the second quarter of 1995 and was maintained at that level until last quarter. ASARCO Incorporated is one of the world's leading integrated producers of copper, as well as a producer of specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. , aggregates and other metals. |
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