The Ohio-based company says it will pay a dividend on its 7% Series A mandatory convertible preferred stock of $17.50 per share, which is equivalent to approximately 44c per depositary share, each representing 1/40th of a share of Series A preferred stock.

The cash dividend will be payable on November 1 to shareholders of record as of the close of business on October 15.

The miner also paid a quarterly cash dividend equating to 15c per share on its regular stock for the quarter, or 60c per share annually.

In July, Cliffs declared lower earnings for the June quarter, with a strong performance from the miner’s coal division unable to offset the lower iron ore price and rising costs.

Secord-quarter revenues for the company were 5.7% down on last year at $US1.5 billion, while net income attributable to common shareholders fell 48.4% year-on-year to $133.1 million.

Operating income was down 28% for the quarter to $262 million on a 40% lower consolidated sales margin of $268.

The declines were attributed to an 11% decrease in global seaborne iron ore pricing over the period to an average $126 per ton for 62% iron fines product.

The company also cited a 7.4% increase in the costs of goods sold and operating expenses to $1.2 billion.