June 5, 2009 / 7:57 PM / in 9 years

UPDATE 1-Samuel Manu-Tech suspends dividend, to cut costs

* To cut costs, including workforce reductions

* Suspends dividend to preserve cash

June 5 (Reuters) - Canada’s Samuel Manu-Tech Inc (SMT.TO) suspended its dividend, effective second quarter, to preserve cash and said it was aggressively reducing costs in all areas of businesses, including job cuts.

The Toronto-based processor and distributor of steel, plastic and related industrial products said it was experiencing extremely negative conditions in all of its served markets and its current level of performance was weak.

“As a result, we have made the difficult decision to suspend our dividend until we are confident that normal market conditions have returned,” the company said in a statement.

Shares of the company closed at C$3.95 Friday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Anil D’Silva)

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