CLEVELAND – Feb. 13, 2014 -Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that its Board of Directors has appointed Gary B. Halverson, 55, formerly president and chief operating officer, to president and chief executive officer, effective immediately. He also serves as a director on Cliffs’ Board.
James Kirsch, Cliffs’ chairman of the Board, said, “We are confident that Gary is the right candidate to lead Cliffs given his proven experience with international and long-term mining operations and understanding of the global commodities industry. Since joining Cliffs, Gary has executed a number of key strategic initiatives to strengthen the Company and enhance value for all Cliffs’ shareholders.”
A number of Mr. Halverson’s key strategic initiatives include:
· taking action to optimize performance, cut costs and extract shareholder value from the Bloom Lake asset;
· announcing a $90 million reduction in expected 2014 SG&A and exploration spending;
· reducing 2014 capital expenditures significantly from 2013 year-over-year;
· performing global asset review and interactions with key customers;
· halting development of the Chromite Project indefinitely;
· conducting organizational review and management restructuring, and;
· idling the Wabush Mine in the first quarter of 2014.
“I am very honored to take the helm and lead Cliffs, a company with such a rich heritage and even greater prospects for the future,” stated Gary Halverson, president and chief executive officer. “I am focused on operational excellence and financial discipline in order to reposition the Company for success. We have an extraordinary senior team at Cliffs that is committed to driving success for the Company. Collectively, I am confident that we will create long-term value for our shareholders, employees and other stakeholders.”
Mr. Halverson’s experience spans across the gold, copper, and nickel mining industries. Prior to joining Cliffs in 2013, he provided leadership for the largest gold region in the world at Barrick Gold Corporation Inc. He has experience managing large annual operating budgets and capital projects. At an operational level, he has been successful in optimizing well run mines, objectively assessing troubled operations and executing projects on-time and on budget. Many of the projects he has led included complex tailings and water management issues. These experiences include a wide range of underground and open-pit mines from the construction and development phases through the end-of-life stage.
Cliffs Natural Resources Inc. will host a quarterly earnings conference call tomorrow, Feb. 14, 2014, at 10 a.m. ET. The call will be broadcast live and archived on Cliffs’ website: www.cliffsnaturalresources.com.
About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, the Company is a major global iron ore producer and a significant producer of high- and low-volatile metallurgical coal. Cliffs’ strategy is to continually achieve greater scale and diversification in the mining industry through a focus on serving the world’s largest and fastest growing steel markets. Driven by the core values of social, environmental and capital stewardship, Cliffs associates across the globe endeavor to provide all stakeholders operating and financial transparency.
The Company is organized through a global commercial group responsible for sales and delivery of Cliffs’ products and a global operations group responsible for the production of the minerals the Company markets. Cliffs operates iron ore and coal mines in North America and an iron ore mining complex in Western Australia. In addition, Cliffs has a major chromite project, in the feasibility stage of development, located in Ontario, Canada.
News releases and other information on the Company are available on the Internet at: http://www.cliffsnaturalresources.com
Follow Cliffs on Twitter at: http://twitter.com/CliffsNR.
This release contains forward-looking statements: click here for the rest of the Forward-Looking Statements and the original news release: http://online.wsj.com/article/HUG1761972.html
Important Additional Information
Cliffs, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Cliffs shareholders in connection with the matters to be considered at Cliffs’ 2014 Annual Meeting. Cliffs intends to file a proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) in connection with any such solicitation of proxies from Cliffs shareholders. CLIFFS SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Information regarding the ownership of Cliffs’ directors and executive officers in Cliffs shares, restricted shares and options is included in their SEC filings on Forms 3, 4 and 5. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with Cliffs’ 2014 Annual Meeting. Information can also be found in Cliffs’ Annual Report on Form 10-K for the year ended Dec. 31, 2012, filed with the SEC on Feb. 12, 2013. Shareholders will be able to obtain any proxy statement, any amendments or supplements to the proxy statement and other documents filed by Cliffs with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at Cliffs’ website at www.cliffsnr.com or by contacting Carolyn Cheverine, Vice President, General Counsel & Secretary at (216) 694-7605. Shareholders may also contact D.F. King & Co., Inc., Cliffs’ proxy solicitor, toll-free at (800) 487-4870 or by email at [email protected]
SOURCE: Cliffs Natural Resources Inc.
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