Cliffs Natural Resources Inc. Announces Record Date for Redemption of Rights Under Shareholder Rights Plan
CLEVELAND--(BUSINESS WIRE)-- Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced a record date of May 14, 2010 for the redemption of the rights accompanying its outstanding common stock under its Shareholder Rights Plan. Earlier this week Cliffs' Board voted to redeem the rights, effectively terminating the plan. The Company will pay a redemption price equal to $0.001 per right in cash on June 1, 2010 to shareholders of record as of May 14, 2010. Cliffs indicated that the Board's decision was not made in connection with any prospective business transaction.
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ABOUT CLIFFS NATURAL RESOURCES INC.
Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, we are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Canada and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The Latin America business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in Brazil.
Other projects under development include a biomass production plant in Michigan and Ring of Fire chromite properties in Ontario, Canada. Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.
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Source: Cliffs Natural Resources Inc.
Released March 11, 2010