Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, August 7, 2014

Miner Cliffs names Goncalves CEO, cancels coal mine plan, (NYSE: CLF)

Cliffs Natural Resources Inc, an iron ore and coal producer, said on Thursday that Lourenco Goncalves, a former steel company executive, was named to run the company after activist investor Casablanca Capital triumphed in a proxy battle.The Cliffs board of directors named Goncalves as chairman, president and chief executive officer, effective immediately.In a separate filing later on Thursday, Cliffs said it has reversed a decision by its previous management team to idle the Pinnacle coal mine in West Virginia unless market conditions improve.Goncalves was the preferred CEO candidate of Casablanca, the hedge fund investor that last week succeeded in getting a majority of its nominees appointed to the board.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 0.35% or $-0.06/share to $17.09. In the past year, the shares have traded as low as $13.60 and as high as $28.98. On average, 5313800 shares of CLF exchange hands on a given day and today's volume is recorded at 3049568.