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Stock Market & Financial Investment News

News Breaks
August 15, 2014
08:36 EDTCLFCliffs pays $11M to Halverson in connection with employment termination
Cliffs Natural Resources announced that as a result of the company's incentive equity plan for officers and key employees and the change in control provisions in that plan, including certain change in control arrangements adopted by the previous Board in September 2013, Cliffs is obligated to make significant payments to recipients of awards previously granted under the plan. Pursuant to these obligations, Cliffs anticipates making a payment of approximately $11M to Gary Halverson in the current quarter in connection with the termination of his employment. Halverson joined the company as COO on November 18, 2013, was appointed President and CEO on February 13 and served in that capacity until August 7. The company also anticipates making additional payments of approximately $16.9M this quarter to satisfy its change in control obligations under awards previously granted to other officers and key employees that are payable without regard to continuing employment. The company also has potential future liability for additional double-trigger payments of up to $40M, but expects that triggering events and therefore actual payments will be minimal. This potential liability will expire entirely in two years. Cliffs also announced that Timothy Sullivan has resigned from the Cliffs board. Sullivan had served as a director since January 2013 and was chairman of the compensation committee from July 1, 2013 to August 7.
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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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