CLEVELAND -- Mining and natural resources company Cliffs Natural Resources Inc. said Tuesday it has raised its regular quarterly dividend to 8.75 cents.

Cliffs had reduced its dividend to 4 cents in May to boost its financial flexibility and preserve cash. The dividend is being raised back to its level before this reduction.

The dividend is payable Dec. 1 to shareholders of record as of Nov. 20.

Shares rose 33 cents to $38.19 in after-hours trading. The stock had closed up 6 cents at $37.86.

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