CLEVELAND--(BUSINESS WIRE)--Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today
announced that its Board of Directors has approved the redemption of the
rights accompanying its outstanding common stock under its Shareholder
Rights Plan. The Shareholder Rights Plan was set to expire by its terms
on Oct. 29, 2011. With this action, the Shareholder Rights Plan is
effectively terminated immediately. The Company will pay a redemption
price equal to $0.001 per right in cash on June 1, 2010.
“Cliffs is committed to enhancing its already strong
corporate governance profile and today’s decision by the Board is
consistent with that objective.”
Joseph A. Carrabba, Cliffs’ chairman, president and chief executive
officer, said, “Cliffs is committed to enhancing its already strong
corporate governance profile and today’s decision by the Board is
consistent with that objective.”
Cliffs indicated that the Board’s decision was not made in connection
with any prospective business transaction. The Board plans to
continually review all governance matters and will make additional
modifications as appropriate.
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ABOUT CLIFFS NATURAL RESOURCES INC.
Cliffs Natural Resources Inc. is an international mining and natural
resources company. A member of the S&P 500 Index, we are the largest
producer of iron ore pellets in North America, a major supplier of
direct-shipping lump and fines iron ore out of Australia and a
significant producer of metallurgical coal. With core values of
environmental and capital stewardship, our colleagues across the globe
endeavor to provide all stakeholders operating and financial
transparency as embodied in the Global Reporting Initiative (GRI)
framework. Our Company is organized through three geographic business
units:
The North American business unit is comprised of six iron ore mines
owned or managed in Michigan, Minnesota and Canada and two coking coal
mining complexes located in West Virginia and Alabama. The Asia Pacific
business unit is comprised of two iron ore mining complexes in Western
Australia and a 45% economic interest in a coking and thermal coal mine
in Queensland, Australia. The Latin America business unit includes a 30%
interest in the Amapá Project, an iron ore project in the state of Amapá
in Brazil.
Other projects under development include a biomass production plant in
Michigan and Ring of Fire chromite properties in Ontario, Canada. Over
recent years, Cliffs has been executing a strategy designed to achieve
scale in the mining industry and focused on serving the world's largest
and fastest growing steel markets.
News releases and other information on the Company are available on the
Internet at:
http://www.cliffsnaturalresources.com
or
www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1.
Follow Cliffs on Twitter at: http://twitter.com/CliffsIR.