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■ TSMC board allows dividends
Taiwan Semiconductor Manufac-turing Co (TSMC, 台積電), the world's largest supplier of made-to-order computer chips, said its board approved a cash dividend of NT$2.50 (US$0.77) a share and a 3 percent stock dividend. The board also approved NT$6.6 billion of capital spending for research and development this year and US$565.3 million to expand its 12-inch wafer capacity, it said in a statement. It also approved expenditure of US$120 million to expand its mask production capacity, it said. TSMC plans to hold a shareholders' meeting on May 16 to review the proposals, it said.

■ China Steel not for sale
China Steel Corp (中鋼) has rejected a takeover offer by Mittal Steel Co, the world's largest steelmaker, a spokesman for China Steel confirmed on Monday. The spokesman said Mittal Steel, which is based in Rotterdam, made the offer through an investment bank to purchase China Steel. However, China Steel rejected the bid because as Taiwan's largest steelmaker, it saw no need to merge with any foreign steel giant, he said. The spokesman said China Steel would keep a neutral stand on possible future moves by Mittal Steel to purchase the company's shares in the open market. He added if Mittal Steel decided to do so, "it would have to pay a considerable price."

■ NT dollar recovers
The New Taiwan dollar rose against the US dollar on the Taipei Foreign Exchange yesterday, gaining NT$0.074 to close at NT$32.30. A total of US$835 million changed hands during the day's trading.

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