New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 17, 2014
09:50 EDTCLFEgan-Jones recommends Cliffs Natural investors vote for director nominees
Cliffs Natural Resources announced that Egan-Jones Proxy Services, an independent proxy advisory firm, has recommended that Cliffs shareholders vote "FOR ALL" of Cliffs' director nominees on the WHITE proxy card in connection with the company's 2014 Annual Meeting of Shareholders to be held on Tuesday, July 29. In its report, Egan-Jones stated: "[We believe that the] dissidents are unpersuasive in making their case that implementing their strategies and being given a majority of the seats on the Board -- which would be vastly disproportionate to their current holdings in the company -- would likely lead to significant increases in stockholder value. We are particularly troubled by the dissidents' reported insistence on requiring Mr. Lourenco Goncalves as the company's executive chairman, given his experience. "[We believe] that the Company's reconstituted Board and its new management team led by CEO Gary Halverson, having the qualifications and experience we believe necessary to lead the company through the volatile iron ore and met coal price environment, deserve the opportunity to see through the implementation of their plans."
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.
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.

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