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  • GNI Declares $3.50 Quarterly Distribution

    Great Northern Iron Ore Properties (NYSE:GNI) has declared a third quarter distribution of $3.50 per share to be paid October 31, 2012 to shareholders of record September 28, 2012. Based on the closing share price of $73.92 as of September 11, 2012, the distribution amounts to an annualized yield of 18.9%. For the prior quarter, GNI distributed $3.00 per share on July 31, 2012 to shareholders of record as of June 29, 2012.

    The release reports a tentative settlement between the U. S. Steel Corporation (USS) and the United Steelworkers of America (USW), subject to ratification, which should favorably impact trust revenues from the USS-Minntac and USS-Keetac taconite plants. The release reports that pending favorable resolution of these labor contracts and barring any unexpected production cutbacks, and subject to the continuing economic recovery, it is expected that 2012 will be another good year for the Trust.

    The entire release is posted online at: http://www.gniop.com/pdf/Qtrly_Distribution/2012/9-7-2012_dist-release.pdf

    Disclosure: I am long GNI.

    Tags: GNI, Dividends
    Sep 11 8:54 PM | Link | Comment!
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