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Cleveland-Cliffs Announces Two-for-One Common Stock Split
03/12/2008 - Cleveland-Cliffs’ Board of Directors declares a two-for-one stock split of the company’s common shares.
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The Cliffs Board of Directors also authorized a scheduled dividend payment on the company’s 3.25% Redeemable Cumulative Convertible Perpetual Preferred Stock.
A cash payment of $8.125 per share will be payable on April 15, 2008, to Preferred Stock shareholders of record on April 1, 2008.
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“Our board believes it is in the best interest of all shareholders to maintain a price that makes Cliffs’ shares available to the widest audience of investors, enhances liquidity and reduces share-price volatility,” commented Joseph A. Carrabba, Cliffs' Chairman, President and CEO.
Each shareholder of record as of the close of business on May 1, 2008, will receive one additional share of Cleveland-Cliffs’ common stock for every share held. The new shares will be distributed on May 15, 2008.
Pursuant to the stock split, the par value of Cliffs’ common stock will be adjusted from $0.25 per share to $0.125 per share. The number of authorized common shares also will be increased, from 112 million to 224 million shares.
Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc. is an international mining company, the largest producer of iron ore pellets in North America, and a major supplier of metallurgical coal to the global steelmaking industry. The company operates six iron ore mines in Michigan, Minnesota and Eastern Canada, and three coking coal mines in West Virginia and Alabama. Cliffs also owns 80% of Portman Limited, a large iron ore mining company in Australia, serving the Asian iron ore markets with direct-shipping fines and lump ore. In addition, the company has a 30% interest in the Amapá Project, a Brazilian iron ore project, and a 45% economic interest in the Sonoma Project, an Australian coking and thermal coal project.
