Cliffs Natural Resources Inc. (NYSE:CLF) announced that its board of directors has authorized a $200-million share buyback program.
Cliffs Natural Resources Inc. (NYSE:CLF) announced that its board of directors has authorized a $200-million share buyback program. The company will be able to buy back “its outstanding common shares in the open market or in private negotiated transactions.”
As quoted in the press release:
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.
Lourenco Goncalves, chairman and CEO of Cliffs, commented:
The implementation of our new strategy centered on the US iron ore business has successfully started. With that, we are very pleased that our newly reconstituted Board of Directors has agreed with our conviction that, at this point, the best use of our capital is to invest in our own business, our people and our assets by buying back Cliffs’ common stock. We believe that the stock buyback will be smoothly executed, and should benefit our valuable shareholders.