ADVFN - Advanced Financial Network.
HOME» NYSE » C » CLF Stock Price » CLF Stock News

Cleveland Cliffs Share News

 Cliffs Natural Resources, Inc. Stock Price
CLF Stock Price
 Cliffs Natural Resources, Inc. Stock Chart
CLF Stock Chart
 Cliffs Natural Resources, Inc. Stock News
CLF Stock News
 Cliffs Natural Resources, Inc. Company Information
CLF Company Information
 Cliffs Natural Resources, Inc. Stock Trades
CLF Stock Trades

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
No Recent News Available

Cleveland Cliffs and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad