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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.
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June 30, 2015
14:34 EDTCLFIron ore producers slide after Australia cuts price target on the commodity
Shares of iron ore producers are falling after Reuters reported that Australia reduced its 2015 price forecast for iron ore to $54.40 a tonne from $60.40 a tonne. According to Reuters, Australia's current projection on iron ore prices is based on its view that China, the commodity's main market, will produce less steel in 2015 and 2016 as as the seaborne supply of iron ore increases. PRICE ACTION: Cliffs Natural Resources (CLF) is down over 10%, BHP Billiton (BHP) is lower by 2.3%, and Vale (VALE) is down 4% in afternoon trading. Steel stocks, including United States Steel (X), AK Steel Holding (AKS), and Nuco (NUE) are also sliding in afternoon trading.

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