Investor Relations
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NACCO Industries Declares Quarterly Dividend


MAYFIELD HEIGHTS, Ohio, May 14, 2003 /PRNewswire-FirstCall via COMTEX/ -- NACCO Industries, Inc. (NYSE: NC) today announced that the Board of Directors increased its regular quarterly cash dividend from 24-1/2 cents to 25-1/2 cents per share. The dividend is payable on both the Class A and Class B Common Stock, and will be paid June 16, 2003 to stockholders of record at the close of business on June 2, 2003. The new dividend is equal to an annual rate of $1.02 per share.

SOURCE NACCO Industries, Inc.

Ira I Gamm, Manager - Investor Relations of NACCO Industries,
Inc., +1-440-449-9676
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