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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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Cliffs is a leading mining and natural resources company. We supply iron ore pellets to the North American steel industry from mines and plants located in Michigan and Minnesota. 

We also produce low-volatile metallurgical coal from mines located in West Virginia and Alabama. Additionally, we operate an iron ore mining complex in Western Australia.  

REFINANCING TRANSACTIONS COMPLETED

Cliffs has entered into a new senior secured asset-based revolving credit facility and successfully completed its previously announced private offering of $540 million aggregate principal amount of 8.250% Senior Secured Notes due March 31, 2020.  Cliffs has also successfully completed its previously announced private offers to exchange its newly issued 7.75% Senior Secured Notes due 2020 for certain outstanding senior unsecured notes of Cliffs.

With the new financing structure, Cliffs is no longer subject to the covenants associated with its former revolving credit facility, such as Interest Coverage and Secured Debt-to-EBITDA tests. Also as a consequence of the completion of the Exchange Offers, Cliffs was able to remove approximately $130 million of long-term debt from the balance sheet.

The complete news release is available on our Investors site.

 

QUARTERLY CASH DIVIDEND

Cliffs announced a quarterly cash dividend on the Company's 7.00% Series A Mandatory Convertible Preferred Stock, Class A, of $17.50 per share, which is equivalent to approximately $0.4375 per depositary share, each representing 1/40th of a share of Series A preferred stock. The cash dividend will be payable on May 1, 2015 to shareholders of record as of the close of business on April 15, 2015.

The news release is available on our Investors site.