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Thursday, July 17, 2014

Two proxy firms give boost to activist slate at miner Cliffs, (NYSE: CLF)

Casablanca Capital LP said two independent proxy advisory firms have recommended shareholders of Cliffs Natural Resources Inc vote in favor of the hedge fund's bid to replace a majority of the miner's board members.Institutional Shareholder Services (ISS) and Glass Lewis & Co have issued strong recommendations in support of Casablanca's campaign for the board changes, the New York-based hedge fund said in a statement late on Wednesday.ISS is the largest proxy advisor for institutional investors.On Thursday, Cliffs said that Egan-Jones Proxy Services, a smaller independent proxy advisory firm, had recommended that shareholders vote for all of Cliffs' director nominees.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 0.57% or $-0.0901/share to $15.63. 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 3842929.