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Cliffs Natural Doubles Quarterly Dividend

DOW JONES NEWSWIRES Cliffs Natural Resources Inc.'s (CLF) board doubled the mining company's quarterly dividend Monday. Dividends have increased in popularity alongside share buybacks as companies, with operations recovering and credit markets fluid, use extra cash to appeal to investors. The company moved the dividend to 28 cents a share, with the increase costing roughly $19 million each payout. Chief Financial Officer Laurie Brlas said the move reflects "Cliffs's approach to capital allocation, which includes distributing excess cash to shareholders through sustainable ordinary dividend increases." She added that the company's projected growth positions it to deliver "strong future cash flows" this year and beyond. The company reported strong average revenue from product sales in its main iron-ore segment in the latest quarter, which more than offset a decline in the segment's volume. Its overall earnings more than quintupled on benefits from a settlement with ArcelorMittal (MT, MT.AE) in addition to higher pricing across its units. In general, Cliffs' earnings have been soaring recently on not only price gains but also higher volumes, thanks to strong iron-ore demand from China and dim prospects for new output capacity. Shares were up 0.4% at $95.40 after-hours. Through the close, the stock has risen 22% so far this year, better than the market at large. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Cleveland Cliffs (CLF)
DateTimeHeadline
08/28/201507:00:00Cliffs Natural Resources Inc. Announces Successful Conclusion...
08/14/201507:00:00Cliffs Natural Resources Inc. Announces Early Results of its...
07/31/201514:06:00Cliffs Natural Resources Inc. Announces Tender Offer for its...
07/29/201508:00:00Cliffs Natural Resources Inc. Reports Second-Quarter 2015 Results
07/02/201509:50:00Cliffs Natural Resources Inc. to Announce Second-Quarter 2015...
07/01/201516:15:00Cliffs Natural Resources Inc. Declares Quarterly Cash Dividend...
06/05/201516:05:02Cliffs Natural Resources Inc.: How to Make $10 Billion Disappear
05/22/201515:02:02These Mining Giants Are Throwing in the Towel; Are Iron Ore Prices...
05/21/201516:07:02Jettisoning Coal Won't Solve Cliffs Natural Resources Inc's Biggest...
05/06/201506:41:46Cliffs Natural Resources Rating Reiterated by Wolfe Research...
05/05/201515:51:43Why Cliffs Natural Resources Inc's Shares Popped 11% Today
04/30/201510:30:05Cliffs Natural Resources Price Target Raised to $2.50 (CLF)
04/30/201509:24:04TheStreet Reiterates "Sell" Rating for Cliffs Natural Resources...
04/29/201517:37:30Why Cliffs Natural Resources Inc (CLF) Stock Got Hammered Today
04/29/201515:22:33RBC Capital Analysts Give Cliffs Natural Resources a $7.00 Price...
04/28/201516:20:00Cliffs Natural Resources Inc. Reports First-Quarter 2015 Results
04/28/201510:45:00Cliffs Natural Resources Inc. Announces an Increase in the Sales...
04/23/201503:15:44Cliffs Natural Resources Price Target Cut to $6.00 (CLF)
04/21/201517:49:00Communications Sales & Leasing Set to Join the S&P MidCap 400
04/14/201513:58:11Why Cliffs Natural Resources Inc's Shares Jumped 12% Today

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