Cleveland-Cliffs doubles stock dividend
Shareholders of Cleveland-Cliffs common stock will receive double stock dividends on September 1, 2005. Cleveland-Cliffs Inc. made the announcement on Tuesday that all shareholder of record as of August 12, 2005 will receive $0.20 per common share, twice as much as the $0.10 per common share they had previously received. The increase brings the annual dividend to $0.80 per common share. Chairman and CEO John Brinzo affirmed his confidence in the company when he said, "This substantial increase in the regular cash dividend rate demonstrates the Board's confidence in Cliffs' solid book of business and encouraging business outlook." Cleveland-Cliffs is located in Cleveland, Ohio and is the largest producer of iron ore pellets in North America. The company owns and operates six mines in North America and is majority owner of Portman Limited, the third-largest iron ore miner in Australia.