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Standard & Poor’s to Move Cliffs on the U.S. Indices
08/21/2007 - Standard & Poor's announced that Cleveland Cliffs Inc. will replace Ohio Casualty Corp. in the S&P MidCap 400, GICS Steel Sub-Industry index.
Standard & Poor's announced that Cleveland Cliffs Inc. will replace Ohio Casualty Corp. in the S&P MidCap 400. The change is prompted by Liberty Mutual Group’s acquisition of Ohio Casualty in a deal that is still pending final approvals.
Because Cleveland Cliffs engages in the production and sale of iron ore pellets to integrated steel companies, they will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Steel Sub-Industry index.
Following Cliffs’ move to the 400, Phase Forward Inc. will assume Cliffs’ position in the S&P SmallCap 600.
According to Standard & Poor's, additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.
Changes will be made after the close of trading on a date to be announced.
Standard & Poor's, a division of The McGraw-Hill Companies, is a leading provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.
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Headquartered in Cleveland, Ohio, Cleveland-Cliffs 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.
