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The following is an excerpt from a S-3 SEC Filing, filed by LTV CORP on 12/30/1999.
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LTV CORP - S-3 - 19991230 - DIVIDEND_POLICY

COMMON STOCK PRICE RANGE AND DIVIDEND POLICY

Our common stock is traded on the New York Stock Exchange ("NYSE") under the symbol "LTV." The following table sets forth, on a per share basis for periods indicated, the high and low sale prices for our common stock as reported on NYSE.

                                                  COMMON STOCK
                                                     PRICE          CASH DIVIDENDS
                                                ----------------     DECLARED FOR
                                                 HIGH      LOW          SHARE
                                                ------    ------    --------------
1999
First Quarter.................................  $ 8.00    $ 5.00        $0.03
  Second Quarter..............................    8.00      5.32         0.03
  Third Quarter...............................    7.44      5.13         0.03
  Fourth Quarter (through December 28,
     1999)....................................    5.44      3.13           --
1998
  First Quarter...............................   14.56      9.50         0.03
  Second Quarter..............................   13.50      9.38         0.03
  Third Quarter...............................   10.44      5.25         0.03
  Fourth Quarter..............................    6.94      5.00         0.03
1997
  First Quarter...............................   13.63     11.63         0.03
  Second Quarter..............................   14.56     12.50         0.03
  Third Quarter...............................   14.38     11.94         0.03
  Fourth Quarter..............................   13.13      9.38         0.03

On December 28, 1999, the last reported sale price of our common stock on the NYSE was $3.75 per share.

Since the second quarter of 1996, we have paid quarterly dividends of $0.03 per share on our outstanding common stock. In the future, our board of directors will determine whether we pay dividends on our common stock. These determinations will depend on factors such as our results of operations, financial position and capital requirements, general business conditions and restrictions imposed by our financing arrangements. The indentures governing the New Senior Notes and the 1997 Notes and the terms of the New Bank Financing currently limit our ability to pay dividends, and debt and other agreements we may enter into in the future may further limit or prohibit dividend payments. Our ability to pay dividends is also constrained by provisions in our preferred stock that require that we pay or provide for such dividends in full before paying dividends on common stock, and by relevant provisions of applicable corporate law.

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