Steelcase (SCS) will cut its quarterly dividend by 51.7 percent to $0.07 per share in 2020 because of the COVID-19 pandemic. Last year the furniture products maker raised its quarterly dividend by 7.4 percent to $0.145 per share, marking the 9th consecutive year of higher dividends.

The lower dividend will be paid on or before April 17, 2020, to shareholders of record as of April 3, 2020. A new annual dividend rate of 28 cents per share will yield 2.5% at a stock price of $11.19.

Steelcase Inc. provides an integrated portfolio of furniture, architectural products and technology solutions. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage, fixed and height-adjustable desks, benches and tables and complementary products such as worktools. Seating products include task chairs and the company's technology solutions support group collaboration by integrating furniture and technology. The interior architectural products include full and partial height walls and architectural pods. The company’s brands include Steelcase, Coalesse, Designtex, PolyVision, Smith System, Orangebox, AMQ and Turnstone. Steelcase was founded in 1912 and has paid a dividend every year since it became a public company in 1998.