Cleveland-Cliffs Inc (NYSE: CLF) today announced that, due to the
Company’s previously announced 2-for-1 stock
split, the conversion rate of its 3.25 percent redeemable cumulative
convertible perpetual preferred stock will be increased to 133.0646
common shares per share of preferred stock, effective immediately after
the opening of business on May 16, 2008. The new conversion rate equates
to a conversion price of $7.52 per common share.
The preferred stock’s conversion rate is
subject to adjustment in certain circumstances, including the payment of
cash dividends to holders of Cliffs’ common
stock and stock splits. As previously announced on March 11, 2008, Cliffs’
Board of Directors declared a 2-for-1 stock split. The common shares to
be issued in relation to that stock split will be distributed on or
about May 15, 2008, to holders of record of the common shares as of the
close of business on May 1, 2008.
To be added to Cleveland-Cliffs’ e-mail
distribution list, please click on the link below: http://www.cpg-llc.com/clearsite/clf/emailoptin.html
Cleveland-Cliffs Inc, headquartered in Cleveland, Ohio, 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 percent 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 percent interest in the Amapá
Project, a Brazilian iron ore project, and a 45 percent economic
interest in the Sonoma Project, an Australian coking and thermal coal
project.
News releases and other information on the Company are available on the
Internet at: http://www.cleveland-cliffs.com
Cleveland-Cliffs Inc
Steve Baisden, 216-694-5280
Director,
Investor Relations and Corporate Communications
srbaisden@cleveland-cliffs.com
