The Rising Influence of Rising Affluence

[DewDiligence]

CLF authorizes $200M buyback program:

http://finance.yahoo.com/news/cliffs-natural-resources-inc-announces-153101261.html

The Board of Directors of Cliffs Natural Resources Inc. today authorized the Company to buy back its outstanding common shares in the open market or in private negotiated transactions up to a maximum of $200 million dollars. The Company will be working with its bank group to ensure the buyback program is effectively implemented in a timely manner. Under the proposed terms of the buyback program, the Company is not obligated to make any purchases and the program may be suspended or discontinued at any time. The authorization is active until December 31, 2015.

…Commensurate with approving the stock buyback program, the Board has also authorized the Company to take all the necessary steps to remove the limitations and restrictions present in the Company’s current debt agreements which preclude Cliffs` ability to execute the buyback program.

The next step (IMO) should be to eliminate the dividend.

p.s. Former CEO, Gary Halverson, resigned from the BoD. Good riddance.