Mining company Cliffs Natural Resources Inc (CLF ) announced on Monday morning that it has suspended its quarterly dividend in order to repay debt.
Cliffs Natural Resources reported that it will cut its 15 cent quarterly dividend in order to pay off debt. The company has been struggling due to declining iron prices. In the past year, CLF’s share price has tumbled over 60%.
According to the company, suspending its dividend will save about $92 million a year.
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The Bottom Line
Shares of CLF were up 37 cents, or 4.94% during pre-market trading Monday.