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CLIFFS NATURAL RESOURCES
  • AN INTERNATIONAL MINING AND NATURAL RESOURCES COMPANY.

    SERVING THE WORLD'S LARGEST AND FASTEST-GROWING STEEL MARKETPLACES.

    Visit Cliffs

COMMON SHARES REPURCHASE

Our Board has authorized Cliffs to buy back outstanding common shares in the open market or in private negotiated transactions to a maximum of $200 million dollars.

We will work with our bank group to ensure buyback is effectively implemented. Under the proposed terms of the program, Cliffs is not obligated to make any purchases and the program may be suspended or discontinued at any time. Authorization is active until Dec. 31, 2015.

Read the complete news release on our Investors site.

MESSAGE FROM THE CEO

After my first visit to our Michigan mines, I am totally confident that the men and women working hard at our operations are the right people to execute our strategy and together we will create a strong, profitable and resilient Cliffs. We have been very busy explaining what we want done and have listened carefully to the input from the field.  I am excited by the open to change attitude that I have experienced which will serve us well going forward.

From my perspective, Cliffs’ priorities are simple. A three-legged stool best describes the foundation of our business:

1.Safe production;

2.Cost control, based on an ownership attitude adopted by each and everyone within Cliffs; and

3.Delivering everyday high quality products that our customers appreciate and are willing to pay a fair price. 

The attributes of a well-run organization keeps these three priorities at the forefront with all employees working to support and strengthen each leg of the stool.  All three are essential and must be equally balanced to ensure Cliffs’ success. Ultimately, our operations must meet all of the company’s objectives of safety, production, sales and cost, while doing no harm to the environment and delivering returns to our shareholders.  It is just that simple.

Cliffs’ culture is built on a very strong core value system. Our employees are principled and strive to do the right thing for this organization every day. That is clear to me, and that makes life easier for all of us as we build a stronger Cliffs for the present and for the future.

Best,

Lourenco Goncalves
Chairman, President & Chief Executive Officer
Cliffs Natural Resources Inc.