KIEV, April 13 - The shareholders of ArcelorMittal Kryviy Rih, one of Ukraine's largest steel producers, voted at their annual meeting on Thursday to waive dividends for 2011 despite the steelmaker's net profit of UAH 2.1 billion, the company said in a statement.

The company plans to reinvest profits in production and its reserve fund.

The company's net profit surged 80%, or by UAH 934 million in 2011, as net revenue grew 23% to UAH 28.9 billion and gross profit jumped 43%, to UAH 6.4 billion.