Casablanca outlines plan for Cliffs
Jun 26, 2014 | 05:08 PM
| Nat Rudarakanchana
NEW YORK Battle lines for control of Cliffs Natural Resources Inc. have deepened, with activist investor Casablanca Capital LP outlining its most detailed reorganization plan to date for the largest U.S. iron ore mining company.
The New York-based hedge fund released a 120-page investor presentation June 26, complete with a series of satirical cartoons attacking Cliffs executives.
The presentation specified what Casablancas candidate for chief executive officer, Lourenco Goncalves, would do in his first 90 days at the helm: order several major internal reviews, suspend capital expenditures on the controversial Bloom Lake Mine project in Quebec and explore sales of Cliffs assetsespecially those outside the U.S. or unrelated to iron oreas well as focus on the domestic opportunities afforded by direct-reduced iron.
The hedge fund has sought to appoint six of its own candidates to Cliffs 11-member board, although one Casablanca nominee withdrew June 26 in the wake of an unrelated board appointment.....
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