Tomahawk, WI 06/18/2014 (Basicsmedia) – Cliffs Natural Resources Inc (NYSE:CLF) had been passing through a torrid phase in FY 2014. It had been soft on its outlook for the minerals and metals industry and has miffed members of all fraternities with volatility in its prices.
Vote For WHITE Proxy Card
At a crucial juncture, CLF addressed to all of its shareholders with an open letter, seeking their valued insights and suggestions. CLF announced on June 16, 2014 that it had definitive proxy materials filed with the SEC, and requested its shareholders to cast their vote for WHITE Proxy Card and support the company’s value-enhancing modifications, ahead of the Annual Shareholders Meet, slated to be held on July 29, 2014.
Cliffs Natural Resources Inc (NYSE:CLF) mentioned in its letter that a hedge fund group, Casablanca Capital, that possesses a 5.2% stake in the company is upbeat and resilient on a disruptive and costly proxy content in order to elect CLF’s board members and take up stands to replace the CEO.
Gary Halverson’s Leadership
July 2013 onward, Cliffs Natural Resources Inc (NYSE:CLF)’s board has taken decisive action and momentum to ensure and enact positive change. The team has been led by Gary Halverson and have worked assiduously in enacting strengthened balanced sheet, fostered by regulatory operations-cash-flows, and have aptly maintained a categorized and disciplined approach to curb excessive capital spending. Incidentally, capital expenses reduced by $266 million in FY 2013; an additional $100 million reduction of capital expenses is on the cards in FY 2014.
Cliffs Natural Resources Inc (NYSE:CLF) has further strengthened its core US business and have enhanced its Canadian asset portfolios, with pragmatic decisions taken under Gary Halverson’s leadership. The company has also added four emeritus directors to amass momentum in its activities and solicit ameliorated growth of the company and prospects of the shareholders.
Cliffs Natural Resources Inc (NYSE:CLF) depicted a detailed report of Casablanca’s proposals of betterment, which have already been pondered on, and hence are nothing new! Moreover, Casablanca has proposed a flawed board-reshaping and raising Lourenco Goncalves, a person with limited knowledge and competency, to the top post, and hence urged the shareholders to take a stand after thorough introspection. Consequently, the stock raised nearly 1.21% after this open letter!