Mining giant Cliffs Natural Resources (NYSE:CLF) announced yesterday its third-quarter dividend of $0.15 per share, the same rate it's paid for the past two quarters after slashing the payout 76% from $0.625 per share.
The board of directors said the quarterly dividend is payable on Sept. 3 to the holders of record at the close of business on Aug. 15. The miner has made quarterly payouts to investors since 1972. The company also announced yesterday that CEO Joseph Carrabba will be stepping down.
The regular dividend payment equates to a $0.60-per-share annual dividend, yielding 3.7% based on the closing price of Cliffs Natural Resources stock on July 9.