Noranda Aluminum Holding Corporation (NYSE: NOR) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.03 per common share to be paid on November 22, 2011 to shareholders of record as of November 14, 2011. The Board anticipates declaring this dividend in future quarters on a regular basis; however, changes in the Company's financial condition and cash needs could result in dividends being declared in different amounts, or not at all.
In addition, Noranda’s Board of Directors has declared a supplemental cash dividend of $1.00 per common share also to be paid on November 22, 2011 to shareholders of record as of November 14, 2011.
Cash payments related to the regular and supplemental dividends will total approximately $71.0 million in aggregate.
“We believe this dividend structure strikes the right balance between maintaining a healthy amount of financial flexibility and providing current value to shareholders” said Layle K. (Kip) Smith, Noranda’s President and Chief Executive Officer. “We expect our strong cash flow generation capabilities, demonstrated across the commodity cycle, will continue to support our ability to proactively pursue strategic acquisitions, execute against our attractive portfolio of capital investment projects and prudently provide shareholders with meaningful cash returns.”
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