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US Steel Košice announces dividends of $550 million

US Steel Košice (USSK) announced plans for dividend payments of some $550 million (€454 million) on June 25, the TASR news wire reported.

The sum will be used by the Pittsburgh-based parent company to settle its debts to USSK originating from the 2000 takeover of steel operations at eastern Slovakia's VSŽ, or for further investment in Europe.

Between early 2000 and the end of 2005 the company expects to have invested Sk18.7 billion (€487 million) in Košice, exceeding its pledges to the Slovak government made upon the acquisition.

Compiled by Marta Ďurianová from press reports
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