Cliffs Natural Sets Preferred Dividends
Iron ore miner Cliffs Natural Resources announced today it will pay a dividend on its 7.00% Series A mandatory convertible preferred stock of $17.50 per share, which is equivalent to approximately$0.4375 per depositary share, each representing 1/40th of a share of Series A preferred stock.
The board of directors said the preferred dividend is payable on November 1 to holders of record at the close of business on October 15. The miner also pays a regular dividend payment equating to a $0.60-per-share annual dividend, yielding 2.5% based on the closing price today of Cliffs Natural Resources' stock.
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