Cleveland-Cliffs Announces Proxy Voting Results
Cleveland-Cliffs Inc (NYSE: CLF) announced that the following individuals were elected as directors of the Company at its Annual Meeting of Shareholders held on May 13, 2008. Nine of the Company's 10 directors are considered independent directors.
-- Ronald C. Cambre, Former Chairman and Chief Executive Officer of Newmont Mining Corporation. -- Joseph A. Carrabba, Chairman, President and Chief Executive Officer of the Company. -- Susan M. Cunningham, Senior Vice President of Exploration and Corporate Reserves of Noble Energy Inc. -- Barry J. Eldridge, Former Managing Director and Chief Executive Officer of Portman Limited, and current Chairman of Vulcan Resources Ltd and Wedgetail Mining Limited. -- Susan M. Green, Deputy General Counsel, U.S. Congressional Office of Compliance. -- James D. Ireland III, Managing Director of Capital One Partners, Inc. -- Francis R. McAllister, Chairman and Chief Executive Officer of Stillwater Mining Company. -- Roger Phillips, Former President and Chief Executive Officer of IPSCO Inc. -- Richard K. Riederer, Former Chief Executive Officer and President of Weirton Steel Corporation and current Chief Executive Officer of RKR Asset Management. -- Alan Schwartz, Professor of Law at Yale Law School and Professor at the Yale School of Management.
Shareholders also voted to approve the ratification of the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm.
Institutional Shareholder Services (ISS), an independent organization that rates corporate governance, recently evaluated and ranked Cliffs' corporate governance practices. According to ISS, Cleveland-Cliffs' corporate governance quotient as of May 1, 2008, was better than 98.1 percent of S&P 400 companies and 99.3 percent of Materials companies. Cliffs' corporate governance guidelines, as well as news releases and other information on the Company, are available on the Internet at: http://www.cleveland-cliffs.com.
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Cleveland-Cliffs Inc, headquartered in Cleveland, Ohio, is an international mining company, the largest producer of iron ore pellets in North America and a major supplier of metallurgical coal to the global steelmaking industry. The Company operates six iron ore mines in Michigan, Minnesota and Eastern Canada, and three coking coal mines in West Virginia and Alabama. Cliffs also owns 80% of Portman Limited, a large iron ore mining company in Australia, serving the Asian iron ore markets with direct-shipping fines and lump ore. In addition, the Company has a 30% interest in the Amapa Project, a Brazilian iron ore project, and a 45% economic interest in the Sonoma Project, an Australian coking and thermal coal project.
Note to Editors: There should be an accent mark over the last "a" in the word "Amapa" above.
Source: Cleveland-Cliffs Inc
Released May 14, 2008