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CSCC shareholders OK NT$8.3 cash dividend

TAIPEI, Taiwan -- China Steel Chemical Corporation (CSCC,中鋼碳素) shareholders on Tuesday approved the distribution of a NT$8.3 cash dividend per common share for 2013, registering a 12.16-percent annual increase and a 10-year high.

CSCC yesterday held its annual shareholders' meeting, which approved the above-mentioned dividend proposal. CSCC garnered NT$2.21 billion for 2013 net profit, or NT$9.6 per share. The 2013 dividend plan offered a payout ratio of 86.46 percent and a 12.16-percent raise from NT$7.4 from the previous year.

CSCC is the sole processor of coal tar, benzole and coke breeze, developed as a byproduct in the process of making coke from coal by China Steel, the only integrated steelmaking company in Taiwan, having a 10 million metric ton capacity of crude steel per year.

The company said that the strong demand from European electric motor and China's smartphone markets boosted SSGMCMB (petrochemical) shipments, the major driving force for last year's earnings.

CSCC stated that it has invested in a graphitization process line, adding that the process line will start to mass-produce SSGMCMB in a year.

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