Mineweb reported today that fund manager Casablanca Capital has stated that its six nominees have been elected to the board of directors of Cliffs Natural Resources (NYSE:CLF). Casablanca has been locked in a battle with Cliffs for some time, citing cost overruns and accusing the company of destruction of shareholder value.
As quoted in the publication:
Casablanca claims it now holds the majority of board members after launching a proxy fight in January, accusing the incumbent Cliffs board of shareholder value destruction. Cliffs is the largest U.S. iron-ore producer and also mines iron ore and coal in North America and Western Australia. The fund intends to install its own CEO, Lourenco Goncalves, who would replace Gary Halverson who was named Cliffs’ new CEO in February. Goncalves was one of Casablanca’s six nominees named to the board.