The stock of Michigan-based Steelcase Inc. (SCS), the most significant player in the global office furniture market (see slide 6), is offering a ~2.4% dividend yield, much lower than in March before the dividend cut. SCS was not the only office furniture company that made a pre-emptive decision to protect liquidity in case demand goes downhill at a rapid pace amid capex reduction trends. There was a string of dividend cuts in the U.S. furniture industry, as companies chose to sacrifice shareholder rewards to have more flexibility regarding short-term capital