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Stock Market & Financial Investment News

News Breaks
May 29, 2014
17:27 EDTCLFCliffs Natural says ' stands ready to engage with Casablanca'
Cliffs Natural Resources issued the following statement in response to Casablanca Capital's press release earlier. The response said in part: "Cliffs' Board of Directors and management team are executing a plan to improve the company's financial and operating performance... Despite Casablanca's ownership of only approximately 5% of Cliffs' outstanding shares, we believe that they are continuing their effort to seek full control of the Board without providing a credible and clear path to increase long-term shareholder value or paying a control premium. With regard to Casablanca's "Proxy Put" accusation, in no way is Cliffs threatening its shareholders. On the contrary, it is Casablanca's actions that have put shareholders' interests at risk. The change of control provision within the senior note indenture that is in question has been publicly disclosed since Cliffs first issued public debt in March of 2010 and is standard for most companies with publicly issued debt..The Board will consider whether Casablanca's nominees should be approved for purposes of its senior notes indenture in due course should Casablanca continue to seek control of Cliffs' Board. Cliffs believes that its continued focus on reducing costs and capital spending in the current volatile pricing environment is in shareholders' best interests. Importantly, Casablanca is attempting to take credit for these actions that began last year, prior to Casablanca publicly disclosing its interest in Cliffs. In reality, many of Casablanca's proposals are either flawed, or have already been considered by Cliffs...Unfortunately, Casablanca seems intent on pursuing a costly and time consuming proxy contest, despite Cliffs' efforts to reach a settlement. To set the record straight, contrary to Casablanca's accusations, Cliffs has never reached an agreement in principle with Casablanca... Cliffs will continue to pursue a resolution, avoiding a costly and distracting proxy contest, to the benefit of all shareholders and stands ready to engage with Casablanca."
News For CLF From The Last 14 Days
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March 26, 2015
07:36 EDTCLFCliffs CEO says 'absolutely confident' in liquidity, Bloomberg reports
Cliffs Natural CEO Lourenco Goncalves told Bloomberg in a telephone interview, "Based on our current outlook and our contracts in place with our clients, we are absolutely confident that we have enough liquidity to run through the down cycle." The comments followed Cliffs' $540M sale of senior secured notes.
March 25, 2015
16:00 EDTCLFOptions Update; March 25, 2015
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March 23, 2015
07:07 EDTCLFCliffs Natural agrees to sell Chromite assets to Noront for $20M
Cliffs Natural Resources announced that it has entered into a definitive agreement to sell its Chromite assets in Northern Ontario, Canada to Noront Resources Ltd. for $20M. The transaction is comprised of the chromite deposits and associated claims held by Cliffs. The sale of these assets to Noront, an experienced mining company with a strategic interest in the Ring of Fire region, further demonstrates execution of Cliffs' strategy which includes divesting non-core assets and focusing on being the major supplier of iron ore pellets to the North American steel industry. Moelis & Company acted as financial advisor to Cliffs Natural Resources.
March 19, 2015
08:24 EDTCLFCliffs Natural says Bank of Nova Scotia files lawsuit against company
Cliffs Natural (CLF) said in a filing that as previously disclosed, on January 27, the company announced that Bloom Lake General Partner Limited and certain of its affiliates, including Cliffs Québec Iron Mining ULC commenced restructuring proceedings in Montreal, Québec, under the Companies’ Creditors Arrangement Act. Certain obligations of the Bloom Lake Group, including equipment loans, are guaranteed by the Company. On March 16, The Bank of Nova Scotia (BNS) filed a lawsuit in the U.S. District Court for the Northern District of Ohio, Eastern Division, against the company, asserting that the company breached its obligations under a guaranty of certain equipment loans pursuant to a Master Loan and Security Agreement, dated September 27, 2013, among certain members of the Bloom Lake Group and Key Equipment Finance Inc.. BNS is seeking an award of $52.6M plus unpaid accrued interest and expenses. Among other defenses to this litigation, the company is current in its payment obligations under the Equipment Loans.
08:24 EDTCLFJPMorgan pulls Cliffs target on 'relentless' iron ore price slide
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March 18, 2015
16:00 EDTCLFOptions Update; March 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.20 to 26.10. Option volume leaders: AAPL RAD PBR TWTR FB TSLA CLF BP MGM according to Track Data.
07:10 EDTCLFPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.

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