Usiminas approves the distribution of R$1.21 billion in dividends, totaling R$1.04 per share

SAO PAULO – The Board of Directors of Usiminas (USIM5) approved the distribution of R$ 1.211 billion in proceeds referring to the profit for the first half of the year.

There will be BRL 829.9 million in dividends totaling BRL 0.646624597 per common share and BRL 0.711287057 per preferred share and another BRL 448.6 million in interest on equity (JCP), which represents an amount net of R$0.297122971 for each common share and R$0.326835268 for each preferred share.

Payment will be made on October 5th, and the date with, which is the day on which investors need to have the company’s shares in their portfolio to be entitled to the proceeds, is August 31st. The shares will be traded “ex-proventos” on September 1st, that is, whoever buys the shares from that day onwards will not be entitled to receive dividends or interest on equity.

Adding the dividends and JCP for the USIM5 preferred shares – the most liquid – the distribution totals R$ 1.03812233 per share, which represents a dividend yield (dividend divided by the share price) of 5.99% based on the closing value of the shares this Thursday (26). For comparison purposes, the basic interest rate, Selic, which guides the yields of government bonds, is currently at 5.25% per year.

Dividends or investments

Usiminas has a long internal discussion about what to prioritize: dividends or investments. In the second quarter’s results, the company’s negative leverage was already generating speculation about an extraordinary dividend distribution, as the steelmaker ended the month of June with more cash available than total debt.

At the time, the company’s management stated in a conference call that it would maintain its dividend policy at 25% of earnings. The announcement disappointed some analysts. Bradesco BBI’s analysis team notably expressed frustration with this decision.

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