Cliffs Natural Resources Inc. has named P. Kelly Tompkins chief
financial officer effective immediately, replacing Terrance
Paradie.
Mr. Paradie, who became CFO in 2012, is leaving to pursue
another business opportunity.
Mr. Tompkins was most recently executive vice president of
business development. Mr. Tompkins will be succeeded as executive
vice president by Clifford Smith, the current executive vice
president of Seaborne Iron Ore. The Seaborne position has been
eliminated. In the most recent period, Seaborne iron-ore prices
were 45% lower than the year-earlier period.
Mr. Tompkins has been at Cliffs since 2010, and previously
worked at RPM International Inc., a specialty chemical company.
Cleveland-based Cliffs, the largest iron-ore mining company in
the U.S., swung to a loss in the most recent quarter as costs
associated with its Canadian iron-ore mine and lower metal prices
continued to drag down results.
It has been rebuilding operations following a board coup last
summer orchestrated by hedge fund Casablanca Capital LP that led to
Lourenco Goncalves taking over as chief executive.
Mr. Goncalves, a veteran metals executive from Brazil, has been
refocusing Cliffs on its more profitable Minnesota and Michigan
mines that supply iron ore to booming automotive-focused steel
mills.
Shares, inactive premarket, have been down 36% this year.
Write to Angela Chen at angela.chen@dowjones.com
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