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SOURCE BrokerBank Securities, Inc.
NEW YORK, July 7, 2014 /PRNewswire/ -- Cliffs Natural Resources, Inc. (NYSEMKT: CLF) a mining and natural resources company, produces iron ore and metallurgical coal. It operates five iron ore mines located in Michigan and Minnesota; four metallurgical coal mines located in West Virginia and Alabama; and one thermal coal mine located in West Virginia. The company also operates two iron ore mines in eastern Canada that primarily produce iron ore concentrate and iron ore pellets. The company sells its iron products to integrated steel companies and Asian steel producers; and metallurgical coal to integrated steel and coke producers in Europe, North America, China, India, and South America, as well as thermal coal to energy companies and distributors in North America and Europe.
The Company is currently in play as an activist fund called Casablanca Capital has accumulated a 5.2% position and is calling for the Company to replace its management team with Casablanca nominated choices, spin off or sell its Asian operations, and return more capital to shareholders. A collapse of underlying commodity prices while the dispute has dragged on has exacerbated CLF's challenges and made it less likely that any quick fix will work.
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BrokerBank Securities, Inc. is a member of the Financial Industry Regulatory Authority, CRD number #130116.
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