Alcoa's (NYSE: AA) Board of Directors has approved plans to keep the company's quarterly dividend steady at $0.03 per share of common stock.

The aluminum company has paid the same amount to investors since May 2009, after decreasing its payout from $0.17 per share, an 82% drop. This latest dividend will be payable on Nov. 25 to stockholders of record as of Nov. 8.

Additionally, Alcoa will pay a $0.9375 dividend on preferred stock. This amount will be payable on Jan. 1 to shareholders of record as of Dec. 13.

On an annualized basis, Alcoa's dividend on common stock adds to $0.12 per share. As of the close of business on Sept. 25, the company's price per share was $8.33, which makes its dividend yield approximately 1.4%.

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