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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
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September 10, 2014
08:08 EDTCLFCliffs Natural amends credit facilty to allow for $200M share repurchase program
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September 7, 2014
12:59 EDTCLFIron ore giants keep up production amid falling prices, WSJ says
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September 4, 2014
11:35 EDTCLFStocks with call strike movement; CLF YHOO
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September 3, 2014
12:32 EDTCLFCliffs Natural hires banks to sell assets, WSJ reports
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12:25 EDTCLFCliffs Natural up 4% after WSJ says banks hired to sell assets
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12:24 EDTCLFCliffs Natural hires banks to sell U.S. coal assets, WSJ reports
September 2, 2014
11:43 EDTCLFAnglo American open to takeover proposals, CEO says, WSJ reports
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10:46 EDTCLFAnglo American CEO sees iron-ore prices under pressure, WSJ says
The CEO of miner Anglo American (AAUKY) Mark Cutifani said he is worried about the outlook for iron-ore, says the Wall Street Journal. In spite of concerns about an iron-ore glut, the company intends to press on with the Minas-Rio iron-ore project in Brazil , added the Wall Street Journal. Publicly traded companies in the space include Vale (VALE),Cliffs Natural Resources (CLF), Rio Tinto (RIO), and BHP Billiton (BHP). Reference Link

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