The corporate structure of Timken (NYSE:TKR) might soon be undergoing a radical change in the form of spinning off the company's steel business, but its dividend remains steady as steel.

The company on Tuesday announced a quarterly payout of $0.23 per share of its common stock, which is to be distributed on June 4 to shareholders of record as of May 17. This matches each of the company's five preceding disbursements, the most recent of which was handed out in March.

The new payout will be the 364th consecutive distribution since the company's IPO in 1922.

The current dividend annualizes to $0.92 per share. That yields 1.6% at Timken's latest closing stock price of $56.24.