Cleveland-Cliffs Announces Proxy Voting Results Following Annual Meeting of Shareholders Held Today
Cleveland-Cliffs Inc (NYSE:CLF) announced that the following individuals were elected as directors of the Company at its Annual Meeting of Shareholders today, bringing the total number of directors to 10, nine of whom are independent:
-- 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. -- Susan M. Green, Former Assistant Deputy Secretary with the U.S. Department of Labor. -- 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 adopt the 2007 Incentive Equity Plan and a new Executive Management Performance Incentive Plan, as well as ratification of the appointment of Deloitte & Touche LLP as independent auditors.
In 2007, Institutional Shareholder Services (ISS), an independent organization that rates corporate governance, evaluated and ranked Cliffs' corporate governance practices. According to ISS, Cleveland-Cliffs' corporate governance quotient as of July 1, 2007, was better than 97.3 percent of S&P 600 companies and 95.4 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 and the largest producer of iron ore pellets in North America. Cliffs sells the majority of its pellets to integrated steel companies in the United States and Canada. The Company operates six iron ore mines located in Michigan, Minnesota and Eastern Canada. Cliffs also owns 80 percent 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 percent interest in the Amapa Project, a Brazilian iron ore project, and a 45 percent economic interest in the Sonoma Project, an Australian coking and thermal coal project.
Source: Cleveland-Cliffs Inc
Released July 27, 2007