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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
09/29/201613:43:00Cliffs' New Labor Contract with the United Steelworkers Ratified...
08/26/201612:40:00Cliffs Reaches Tentative Agreement with United Steelworkers on...
08/18/201615:11:31Confidential Treatment Order (ct Order)
08/17/201608:00:00Cliffs Natural Resources Inc. Calls for Full Redemption of Senior...
08/15/201620:49:00WEC Energy Group and Cliffs Natural Resources Issue Joint Clarification...
08/15/201613:34:00Cliffs Natural Resources Announces New Energy Agreement with...
08/12/201616:07:45Prospectus Filed Pursuant to Rule 424(b)(4) (424b4)
08/10/201618:02:00Cliffs Natural Resources Inc. Prices Public Offering of Common...
08/09/201616:01:00Cliffs Natural Resources Inc. Announces Proposed Offering of...
08/04/201609:22:11Securities Registration Statement (s-1/a)
07/28/201613:23:22Quarterly Report (10-q)
07/28/201611:54:00Cliffs Natural Profit Fell Sharply but Beat Estimates
07/28/201608:29:22Current Report Filing (8-k)
07/28/201608:00:00Cliffs Natural Resources Inc. Reports Second-Quarter 2016 Results
07/08/201613:24:00Cliffs Natural Resources Inc. Comments on Nashwauk Mine Site
07/06/201616:41:28Statement of Changes in Beneficial Ownership (4)
07/06/201616:41:28Statement of Changes in Beneficial Ownership (4)
07/06/201616:41:28Statement of Changes in Beneficial Ownership (4)
07/06/201608:00:00Cliffs Natural Resources Inc. to Announce Second-Quarter 2016...
06/20/201616:36:55Annual Report of Employee Stock Plans (11-k)

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