Casablanca Capital Statement Regarding Scheduling of Cliffs Natural Resources Annual Meeting

NEW YORK, Apr 25, 2014 (BUSINESS WIRE) -- Casablanca Capital LP, (“Casablanca”) the beneficial owner of approximately 5.2% of Cliffs Natural Resources Inc. /quotes/zigman/527698/delayed/quotes/nls/clf CLF -0.40% , today commented on Cliffs Natural Resources’ announcement that it will hold its annual meeting of shareholders on July 29, 2014, with shareholders of record as of the close of business on June 2, 2014 entitled to vote at the meeting.

“While we are pleased that Cliffs has finally set a date for its annual meeting after many weeks of delay, we remain deeply concerned by the severe value destruction suffered by shareholders under the incumbent board,” said Donald Drapkin, Chairman of Casablanca Capital. “The fact that Cliffs scheduled the meeting only after Casablanca had threatened a consent solicitation to force the Board to face its annual election – and the fact that the meeting won’t be held until the end of July even though every year previously since 2008 the meeting has been held in early May – further underscores this Board’s appalling lack of urgency and what we view as its attempt to avoid the judgment of the shareholders. We look forward to giving shareholders a strong voice in restoring value at Cliffs by electing our slate of highly-qualified director candidates.”

(6) So that's interesting. Cliffs had their AGM in early May since 2008...Casablanca wanted the new directors in on or before June 4.....and now Cliffs has screwed up their plans.

(7) First thing that comes to my mind is the hearing on the KWG/Cliffs claims June 15-16.

(8) Casablanca has stated:

Divest Infrastructure and Other Non-Core Assets

Cliffs has a vast portfolio of non-core assets that are a distraction and burden its balance sheet. The nickel, chromite and other development projects should be divested. We also see no reason why the company should own railroads, a power plant or port assets. We believe these assets are attractive to infrastructure-oriented investors and specialized strategic acquirers who would value them more highly and are likely to run them better. Where it makes sense to do so, Cliffs could maintain ownership benefits through appropriately structured contracts with a buyer.

(9) Someone wants these chromite assets..and it's important that they have control of Cliffs on or BEFORE June 4. With Cliffs firing back with the July 29 move...things might get interesting.

Cliffs current market cap is only 2.3 billion...

(10) Then correct me if I'm not up to date on this ..but doesn't Cliffs own over 19% of KWG?

(11) With Kwg's interesting NG technology patent pending, their 1/3 of big daddy and not to forget the June 15-16 hearing....

(12) I'm starting to look at all these goodies and thinking 2.3 bilion is pretty cheap for the whole company.

(13)Open up the link below and ask yourself why "many hedgefunds purchased Cliffs last quarter." Buddies of Casablanca??

http://www.insidermonkey.com/blog/hedge-fund-cliffhanger-at-cliffs-natural-resources-inc-clf-318495/

(14)

I look at a Guy like Mick Davis, X2 with a reported 3.75 billion who is reportedly going to JP morgan for another 8 billion. You just never know. Seems X2 could afford to swallow up all of Cliffs quite easily.

(15) The ring of fire is getting louder and louder ..and today's budget doesn't help the "under the radar" game. As we progress further forward the ROF will create more publicity. It will be interesting to watch the next few weeks unfold.