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News Breaks
March 7, 2014
06:45 EDTCLFCliffs Natural postpones annual meeting of holders, Casablanca rejects offer
Cliffs Natural Resources announced that, in an attempt to avoid a costly and distracting proxy contest, the company has attempted in good faith to reach a settlement with Casablanca Capital that it believes would be in the best interests of all Cliffs shareholders. Casablanca has requested that Cliffs postpone the record date for its annual meeting of shareholders. In order to accommodate this request and to continue to pursue a potential settlement, Cliffs has determined to postpone the record date for its annual meeting of shareholders, originally scheduled to be held on May 13. The new record date will be announced in a future press release. Cliffs proactively offered to permit Casablanca to appoint two new independent directors to the Cliffs' board and a third mutually agreed upon director to be named at a later date. However, Casablanca rejected the company's settlement offer and stated that they plan to continue their effort to seek full control of the Cliffs' board and to replace Cliffs' CEO through a proxy contest, representation that is entirely disproportionate to Casablanca's recently acquired stake in the company and that does not offer Cliffs' shareholders a control premium.
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May 29, 2015
09:30 EDTCLFCredit Suisse said 2H looking like a 'win-win' for US steel equities
Credit Suisse said 2H 2015 is looking like a "win-win" for U.S. steel equities. The firm assumes favorable outcomes in proposed congressional legislation redefining injury in anti-dumping trade cases, a trade case filing, and an end to market restock cycle. Credit Suisse continues to favor U.S. Steel (X) given its leverage to the trade case story and said the entire sector will benefit if 2H plays out as expected. Firm said Reliance Steel (RS), Worthington (WOR), and Olympic Steel (ZEUS) are leveraged to a drop in import volumes and raw materially suppliers Cliffs Natural (CLF), Arch Coal (ACI), and Alpha Natural (ANR) should benefit from production increases in domestic Blast Furnace given less import competition.
May 20, 2015
16:23 EDTCLFCliffs Natural says Wabush has commenced restructuring proceedings
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