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Thursday, July 17, 2014

Casablanca says two proxy firms back its nominees for Cliffs board, (NYSE: CLF)

Casablanca Capital LP said two independent proxy firms have recommended that shareholders of Cliffs Natural Resources Inc vote in favor of the hedge fund's board nominees. Cliffs is locked in a proxy battle with New York-based hedge fund Casablanca, which owns 5.2 percent of Cliffs stock and accuses the company of destroying shareholder value.Institutional Shareholder Services and Glass Lewis & Co have issued strong recommendations in support of its campaign for the board changes, Casablanca said in a statement.Casablanca wants to replace Cliffs' CEO with its own nominee and a majority of board members with its candidates.The iron ore and metallurgical coal producer offered Casablanca a third of the seats on its board in July in an attempt to settle a "costly and distracting" proxy contest.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF traded higher by 5.01% or $0.75/share to $15.72. In the past year, the shares have traded as low as $13.60 and as high as $28.98. On average, 5089440 shares of CLF exchange hands on a given day and today's volume is recorded at 11752956.