Shareholders in Cliffs get double

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Cliffs Natural Resources is doubling the size of its quarterly cash dividend.

Cliffs announced Monday that its board of directors has voted to set the dividend at $0.28 per common share – a 100-percent increase. The dividend is payable Sept. 1 to shareholders of record at the close of business on Aug. 15.

“Today's announcement illustrates Cliffs' approach to capital allocation, which includes distributing excess cash to shareholders through sustainable ordinary dividend increases,” said Laurie Brlas, Cliffs executive vice president and chief financial officer.

Earlier this year Cliffs, which operates Northshore Mining in Silver Bay, reported record revenue of $4.7 billion in 2010 – nearly double its 2009 revenue.

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