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Cliffs Confirms Hedge Fund Takes Control of Board

Updated: 08/05/2014 6:10 PM
Created: 08/05/2014 6:05 PM WDIO.com

The results of a shareholder vote are in, and Cliffs Natural Resources says there are six new members elected to the board of directors.

This was the goal of one of their biggest shareholders, Casablanca Capital, which is trying to change the strategy of the company to make it more profitable.

Cliffs, which owns or manages three mines in the Northland, said that five of their directors were re-elected to the board, including current CEO Gary Halverson.

The current chairman was not re-elected. A new chairman of the board will be elected soon.

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