New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 26, 2014
08:23 EDTCLFCasablanca files presentation detailing case for change at Cliffs Natural
Casablanca Capital LP, the beneficial owner of approximately 5.2% of Cliffs Natural Resources, released a detailed presentation outlining its plan to drive substantial value creation for all Cliffs shareholders. The presentation, along with other information regarding Casablanca’s nomination of six director candidates for election to the Board of Directors at the Company’s upcoming 2014 Annual Meeting of shareholders to be held on July 29, can be found at www.fixcliffs.com. Donald Drapkin, Chairman of Casablanca, stated, “Cliffs’ Board supported an expansion strategy that destroyed over $9 billion of capital and drove the share price down by 85%. This Board continues to resist the fundamental change that is needed to get Cliffs back on track. The incompetence, inaction, misaligned compensation and self-interest must come to an end. We urge shareholders to elect a new slate of directors who will refocus Cliffs on its core U.S. iron ore business, stop the bleeding at Bloom Lake, drastically reduce overhead, divest non-core assets and start generating positive returns for shareholders.” Key issues addressed in Casablanca’s presentation include: Cliffs’ failed diversification strategy, which has wasted billions in shareholder capital and allowed the Company to drift away from the strength of its core U.S. iron ore franchise; Cliffs’ cost structure, which, in spite of recently announced cuts, remains bloated; The Board’s entrenched and under-qualified directors, whose lack of alignment with shareholders is demonstrated by their de minimis ownership of Cliffs and their propensity for awarding management excessive compensation despite poor performance. Casablanca’s independent, knowledgeable and experienced Director nominees intend to guide Cliffs for the benefit of all shareholders. Casablanca urges all shareholders to vote their shares FOR Casablanca’s independent nominees on the GOLD proxy card.
News For CLF From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
May 20, 2015
16:23 EDTCLFCliffs Natural says Wabush has commenced restructuring proceedings
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use