The ALLETE (NYSE:ALE) Board of Directors has increased the quarterly dividend on the company’s common stock to 46 cents per share.
“This increase reflects the Board’s confidence in ALLETE’s earnings growth outlook for the future,” said Al Hodnik, ALLETE Chairman, President and CEO. “The Board is committed to returning value to its shareholders, and expects to continue paying an attractive dividend as the company executes its multi-faceted, multi-year growth strategy.”
The increased dividend is equivalent to $1.84 per share on an annualized basis, an increase of 3.4 percent over total dividends paid in 2011. The regular quarterly dividend is payable March 1 to common shareholders of record at the close of business February 15, 2012.
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. ALLETE’s energy businesses include Minnesota Power, Superior Water, Light & Power Co., BNI Coal, and ALLETE Clean Energy. More information about the company is available at www.allete.com.The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.