The board of directors of iron ore supplier Cleveland-Cliffs has approved a 40 percent increase in the company's regular quarterly cash dividend paid to shareholders.
A dividend of $0.175 per common share will be paid effective March 3, up from $0.125 per common share, according to a Cleveland-Cliffs news release. The dividend increase brings the annualized dividend on Cleveland-Cliffs common stock to $0.70 per common share.
Joe Carrabba, Cleveland-Cliffs' chairman, president, and chief executive officer, said it's the third time since 2005 that the company has increased its common stock dividend.
Cleveland-Cliffs operates six iron ore mines in Minnesota, Michigan, and eastern Canada; three coking mines in West Virginia and Alabama, iron ore facilities in Australia, interest in an iron ore project in Brazil and a coking and thermal coal project in Australia.
