Cliffs Natural Resources Inc. Announces Global Reorganization

Cliffs Natural Resources (NYSE:CLF) announced major changes to its’ corporate structure globally.

The press release is quoted as saying:

In a transition as large and complex as today’s reorganization announcement, there will be a number of additional changes at various levels of the organization to adapt to the global management structure. These additional changes will be made and announced as swiftly as possible

Joseph A. Carrabba, Chairman, President and CEO of Cliffs, said:

“As illustrated by our recently announced agreement to acquire Consolidated Thompson Iron Mines , Cliffs is on an accelerated growth trajectory. The Company has reached a level of global scale that requires us to manage the business in a more progressive and pragmatic manner, as well as in a way that prepares our next generation of leaders. As our customers and suppliers continue to grow, there is a need for greater collaboration between our North American and Asia Pacific business units in terms of customer and supplier negotiations, marketing analysis and product transportation and logistics. There is also the opportunity to enhance the speed of best practices adoption across Cliffs’ global portfolio of operating assets. Today’s announcement marks a deliberate move away from regional management to truly integrated global management. This will enhance our ability to maximize shareholder value and to compete as a single, global Cliffs Natural Resources.”

To access the full release, click here.