Birmingham Steel Corporation Sets Annual Meeting; Announces Suspension of Quarterly Dividend.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Dec. 7, 1999-- Birmingham Steel Corporation (NYSE NYSE See: New York Stock Exchange :BIR BIR British Institute of Radiology BIR Bureau of Internal Revenue BIR Bureau of International Recycling BIR Baculovirus IAP Repeat BIR Biomedical Imaging Resource BIR Bureau of Intelligence and Research (US State Department) ) today announced that its Annual Meeting of Stockholders, which had previously been postponed, will be held on Friday, December 17, 1999. The meeting will take place at 10:00 a.m., central time, at the Sheraton Perimeter Park South Hotel, Highway US 280 at Interstate 459, Birmingham, Alabama Birmingham (pronounced [ˈbɝmɪŋˌhæm]) is the largest city in the U.S. state of Alabama and is the county seat of Jefferson County. . The Company stated that proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other for the meeting were mailed today. Separately, the Company announced that the Board of Directors has suspended the quarterly dividend payable on common shares. John D. Correnti, Chairman and Chief Executive Officer, stated, "Given the current debt level and financial issues facing the Company, which include continued start-up losses at Memphis and Cartersville, the Board believes suspension of the quarterly dividend is appropriate. The new management and directors of Birmingham Steel are committed to improving profitability and enhancing shareholder value, and the Board will consider reestablishing the quarterly dividend when the Company's overall financial condition merits such action." Correnti continued, "While we regret the suspension of the dividend, many shareholders and lenders with whom we have spoken understand the reasons for this action, and support the Board's decision." Birmingham Steel Corporation operates in the mini-mill sector of the steel industry and conducts operations at facilities located across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The common stock of Birmingham Steel is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "BIR." |
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