Cliffs Scraps Dividend to Help Pay Down Debt
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Cliffs Natural Resources Inc., the largest U.S. iron-ore producer, will stop paying a dividend as it tries to cut its debt amid a slump in the price of the steelmaking raw material.
The Cleveland-based company was previously paying shareholders 15 cents a share each quarter. Eliminating the dividend will give Cliffs $92 million a year of extra free cash to use to pay down debt, it said Monday in a statement.