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

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

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SIEGAL APPOINTED DIRECTOR

Cliffs has appointed Michael D. Siegal to its Board of Directors. As Chairman & CEO of Olympic Steel, Mr. Siegel brings not only 30 years of experience leading a publicly-traded company operating in diverse geographies throughout the United States, but also the perspective of a local Cleveland native.

Read the complete news release on our Investors site.

 

AMENDED CREDIT FACILITY

Cliffs has successfully negotiated an amendment with the banking group party to its revolving credit facility to allow for the Company to proceed at its discretion with the previously announced share buyback program. Cliffs will be able to buy back its outstanding common shares in the open market or in private negotiated transactions up to a maximum of $200 million dollars. The amended facility retains substantial financial flexibility for management to execute its strategy and provides a consistent source of liquidity for the Company.

Read the complete news release on our Investors site.

 

BALDWIN APPOINTED DIRECTOR

Cliffs has appointed John T. Baldwin to its Board of Directors.  Mr. Baldwin brings decades of operational experience, deep strategic capabilities, and overall financial acumen with him, and will add a unique and important perspective to the Board.

In addition, Cliffs announced that Douglas Taylor would serve as the Board's Lead Director.

Read the complete news release on our Investors site.

 

MESSAGE FROM THE CEO

I am writing to continue communicating on the progress we are making as we set the course for Cliffs’ future. We have been hard at work from the field to the boardroom and everywhere in between to listen, discuss, refine and ensure alignment around our strategy, goals and commitments. While the challenges we are facing in a difficult pricing environment are not to be diminished, I can tell you with confidence that I am enthusiastic about the opportunities in store for Cliffs. We work in a cyclical environment and we should expect volatility as part of our business.  We are preparing the Company to perform effectively for our shareholders even in the most difficult parts of the commodity cycle. Then, during the good times, we should excel.

As I’ve shared previously, we continue to focus on our U.S. iron ore operations and to enhance this core business, while being strategic and open-minded about our global assets. It is important to remember that all our assets around the world have inherent and potential value, and are operated by talented and devoted employees. As we continue to evaluate options available to us, we will make certain our customers, employees and other stakeholders are taken care of appropriately.

Now, and more than ever, we must operate with a tremendous sense of focus and determination. In the end, the Board of Directors and management team believes that fortifying the foundation of our business through responsible and forward-looking actions will lead to the long-term success of Cliffs. We know we will be measured by the strength of our financial results, the quality of our products, the safe manner in which we operate and doing no harm to the environment. For us, these are not competing priorities but rather the balanced equation that defines success.

Our success is dependent on the outstanding efforts of everyone at Cliffs, and I am thrilled by what I’ve seen so far. I thank you once again for your continued support.

Sincerely,

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