Delays to Cliffs Natural (CLF) Meeting Unacceptable, Says Casablanca

NEW YORK (TheStreet) -- Casablanca Capital is urging Cliffs Natural Resources (CLF) to hold its annual shareholder meeting by June 4, noting the delays are "unacceptable."

The firm which holds an approximate 5.2% stake in Cliffs sent a letter to the company's board, pushing for the miner to provide a "meaningful voice to shareholders."

"We believe the pitifully small steps that the Board has taken to date have only been in response to Casablanca's efforts," said Casablanca chairman Donald Drapkin regarding turnaround attempts. "This Board must be held accountable."

Should the company fail to schedule the annual meeting on or before the date, Casablanca said it will commence a consent solicitation to call a special meeting of shareholders for the election of the company's board. 

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TheStreet Ratings team rates CLIFFS NATURAL RESOURCES INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate CLIFFS NATURAL RESOURCES INC (CLF) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including poor profit margins and generally higher debt management risk."

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