The company proposed that a settlement offer that will give Casablanca three seats on a reconstituted board of directors. Under the proposed settlement Casablanca would also have a voice in selecting the new board chair, according to Cliffs Natural Resources.
If Casablanca accepts the settlement, at least six of the nine member of the board of Cliffs Natural Resources will be member that joined in the past 18 months.
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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 and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, poor profit margins and weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: