New York-based hedge fund Casablanca Capital LP picked up a 5.2 percent stake in Cliffs Natural Resources Inc and urged the iron ore producer to spin off of international assets and double its annual dividend.Shares of the company rose 13 percent to $21.85 in pre-market trading.Casablanca, which has met with the company twice over the past six weeks, said on Tuesday Cliffs should "significantly" cut costs and convert its U.S. assets to a master limited partnership (MLP).An MLP derives most of its cash flows from real estate, natural resources and commodities.
Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF traded higher by 0.36% or $0.07/share to $19.40. In the past year, the shares have traded as low as $15.41 and as high as $38.52. On average, 7656720 shares of CLF exchange hands on a given day and today's volume is recorded at 8804970.
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