Arcelor Mittal Galati, Romania's biggest steel complex, part of ArcelorMittal Group, is set to grant dividends worth 534.13m RON (160.72m euros), which will account for the undistributed sum from the income generated in 2004. Mittal Steel Holding, a firm registered in the Netherlands, owns 99.6% in the plant. The decision to disburse dividends was made at the end of July, with the operation due to be carried out within a six-month period after initial decision date, according to an announcement published in the Official Gazette. In 2004, the company reported a net income worth 1.4bn RON (345m euros), in line with data published on the website of the Economy and Finance Ministry. Last year, ArcelorMittal Galati posted net income worth 167m RON (47.4m euros), after it logged losses worth 161m RON in 2005. On the other hand, the turnover dropped to 6.085bn RON (1.72bn euros), from 6.356bn RON in 2005. Mittal Steel Galati, the former Sidex Galati, has recently changed its name into ArcelorMittal Galati after the takeover of Arcelor by Mittal Steel.
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