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Iron ore miner Cleveland-Cliffs declares special dividend

Cleveland-Cliffs Inc. declared a special dividend of 4 U.S. cents per share on top of a regular quarterly dividend of 6 U.S. cents per share.

The dividend will be payable Oct. 15 to shareholders on record as of Oct. 4. Shares in the iron ore miner fell about 15% in afternoon trading on Sept. 3 following the announcement.

The company's second-quarter net profit fell 2.6% year over year to US$160.8 million from US$165.1 million, with a one-time US$18 million loss on the extinguishment of debt related to refinancing included in the result.

Thanks to stronger iron ore prices, the company's product sales and services revenue during the period climbed to US$747.2 million from US$714.3 million a year ago, as iron ore sales increased to 6.2 million long tons from 6.0 million long tons.