Printer Friendly

SIVENSA ANNOUNCES FISCAL 1992 RESULTS

 NEW YORK, Nov. 19 ~PRNewswire~ -- Sivensa, the Venezuelan-based steel company, announced today that its board of directors held a meeting on November 13 to evaluate the results obtained by the corporation's companies and what their projected results are expected to be in the medium term future.
 There was no doubt that the difficult macroeconomic situation of the country, accompanied by the lowest level of international steel prices in the past twenty years, is reflected in the present annual exercise. Also, it must be pointed out that the local production of automobiles and vehicle parts received a serious setback as a consequence of the new automotive policy implemented in October 1991.
 Despite all this, Sivensa obtained a level of sales above 36 million bolivars during the recently concluded fiscal year. Sivensa's level of exports, a figure that reaffirms the corporation's standing as the nation's number one private exporter, was maintained as the company reached the figure of $180 million from this activity.
 In view of these results, the board of directors has decided to propose at the next stockholders' assembly meeting a distribution of stock dividends of one new share for each five in hand, this to be charged to fiscal year earnings and to the Superavit. And as to the cash dividend, the traditional policy of canceling these at Bs. 0.20 for each share on a quarterly basis will be maintained.
 As is customary, stockholders can count within the next few days for further details of this information through the routine formal announcements we regularly send through the mails.
 With more than $500 million in sales, Sivensa is one of Venezuela's largest industrial enterprises and one of the most actively traded stocks on the Caracas Stock Exchange. The company is a leading low cost producer of HBI, a high quality substitute for steel scrap as feed for mini-mill electric arc furnaces. Sivensa has recently increased its international exposure by establishing an ADR program in the U.S. and by the flotation of a 29.9 percent minority interest in its Venprecar HBI mill.
 -0- 11~19~92
 ~CONTACT: Thomas C. Franco or Allison D. Sargent of Broadgate Consultants, Inc., 212-229-2222, for Sivensa~


CO: Sivensa ST: IN: MNG SU: ERN

TS -- NY097 -- 3034 11~19~92 15:20 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 19, 1992
Words:379
Previous Article:WILLCOX & GIBBS NAMES ROBERT MERSON VICE PRESIDENT
Next Article:CITICORP $150 MILLION 8.625 PERCENT SUBORDINATED NOTES RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
MEDICAL DEVICES ANNOUNCES FIRST QUARTER RESULTS
SURVIVAL TECHNOLOGY, INC., ANNOUNCES FOURTH QUARTER EARNINGS INCREASE AND FISCAL 1992 AUDITED RESULTS
GAYLORD REPORTS LOSS FOR FISCAL 1992
PRECISION OPTICS ANNOUNCES RESULTS
DATA RESEARCH ANNOUNCES FY 1992 EARNINGS UP 37 PERCENT; FURTHER REDUCTION OF LONG-TERM DEBT AFTER YEAR-END
SMITHFIELD FOODS REPORTS LOWER SECOND QUARTER EARNINGS
FEDDERS, ROOM AIR CONDITIONER MANUFACTURER, REPORTS NARROWER LOSS FOR 1992; RECEIVES COMMITMENT FOR REVOLVING CREDIT FACILITY
Dana Venezuelan Affiliate Reports Significant Loss.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters