Cliffs Natural Resources (CLF) Increases Dividend by Over 100%

November 10, 2009 5:08 PM EST

Cliffs Natural Resources Inc. (NYSE: CLF) has declared an increase in its quarterly cash dividend to $0.0875 per common share. Cliffs had reduced its quarterly cash dividend to $0.04 per share in May 2009 as part of a number of proactive steps to enhance financial flexibility.

"Cliffs' management team responded to the sudden downturn in the global steel industry by implementing various proactive measures to enhance cash flow and preserve cash," stated Laurie Brlas, Cliffs' executive vice president and chief financial officer. "While difficult, those actions have allowed us to whether the financial crisis and continue to pursue our strategic plan, as evidenced by the recently announced acquisition of our partners' interests in Wabush Mines.

"Now, our improved visibility and outlook, including projections for strong cash flow from operations in our business, have enabled our Board of Directors to restore the cash dividend to its level prior to the reduction in May."

Cliffs indicated the increased cash dividend will be payable on Dec. 1, 2009, to shareholders of record as of the close of business on Nov. 20, 2009.
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