Teck Cuts Dividend for First Time Since 2008 as Coal Slumps
This article is for subscribers only.
Teck Resources Ltd., the second-largest exporter of seaborne coal used in steelmaking, reduced its dividend as the company defends its investment-grade credit rating amid lower prices for the commodity.
The semi-annual payout will drop 67 percent to 15 Canadian cents (12 U.S. cents) a share, Vancouver-based Teck said Tuesday in a statement, the first reduction since the financial crisis in 2008.