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Hedge Fund Claims Victory in Cliffs Battle

Updated: 07/29/2014 4:44 PM
Created: 07/29/2014 4:43 PM WDIO.com

A vote Tuesday by shareholders of Cliffs Natural Resources could change the way the company is shaped.

Casablanca Capital, an investment manager and a large shareholder, says they believe their six nominees were voted onto the board, which would give them a majority.  Casablanca has been publicly critical of Cliffs leadership, saying the company needs to become more profitable for shareholders.

Donald Drapkin, Chairman of Casablanca, said in a press release, "We are grateful to our fellow Cliffs shareholders for their careful consideration of the issues and gratified that they have sent a resounding message of support for our efforts to drive meaningful change at Cliffs, bring true accountability to the Company’s leadership, and restore shareholder value."

Cliffs said in a statement that the preliminary results of the vote are expected in about three business days.

"We look forward to receiving the final results of today’s vote, and the Board and management team remain deeply committed to continuing to create long-term value for all of our shareholders.  We appreciate the support of the Cliffs shareholders who supported the Company’s slate and the hard work everyday by Cliffs’ more than 6,000 employees," the Cliffs statement said.

Cliffs operates Hibbing Taconite, United Taconite, and Northshore Mining in northeastern Minnesota, along with the Empire and Tilden mines in Michigan's Upper Peninsula.

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