The Rising Influence of Rising Affluence

[DewDiligence]

Casablanca seeks to compel CLF to schedule its annual meeting so shareholders can vote for a new BoD:

http://www.sec.gov/Archives/edgar/data/764065/000090266414002197/p14-1085exhibit_1.htm

April 21, 2014 – Casablanca Capital LP, the beneficial owner of approximately 5.2% of Cliffs Natural Resources Inc., today sent a letter to the Cliffs Board of Directors urging it to hold the Company’s annual meeting of shareholders on or before June 4, 2014. Should the Company fail to set a prompt date for the annual meeting, Casablanca intends to commence a consent solicitation to call a Special Meeting of shareholders for the election of the Company’s Board of Directors.

“More than a month has passed since we met in person with Cliffs and agreed to a framework for a settlement that would have brought a fresh perspective and valuable expertise to a Board that has overseen a tremendous destruction of value,” said Donald Drapkin, Chairman of Casablanca. “The members of this Board have not made any meaningful investment in the Company’s shares. In fact, Cliffs’ Executive Chairman has never invested a dollar of his own money, but continues to stymie investors’ legitimate efforts to restore value at the Company, in our view. We believe the pitifully small steps that the Board has taken to date have only been in response to Casablanca’s efforts. This Board must be held accountable. ”