CLEVELAND, May 4, 2017 /PRNewswire/ -- Cliffs Natural
Resources Inc. (NYSE: CLF) is responding to articles published
today by Barron's Ben Levisohn and
Axiom Capital Management's Gordon
Johnson with respect to an open market purchase of 200,000
Cliffs shares made yesterday by its Chairman, President and CEO,
Lourenco Goncalves. These comments
include statements that are inaccurate and materially misleading
regarding Mr. Goncalves's previous share purchases. In particular,
Barron's and Axiom inaccurately reported that Mr. Goncalves last
open market share purchase occurred in March
2015. In fact, Mr. Goncalves has made multiple significant
open market purchases of Cliffs shares since March 2015, totaling 300,000 shares, including
two purchases in May 2015 and one
purchase in May 2016. All of these purchases were reflected
in Form 4's filed with the United States Securities and Exchange
Commission. Both Barron's and Axiom would have been well aware of
these later trades from publicly available information at the time
their comments were made.
Cliffs believes that such materially misleading misstatements
are an intentional attempt to manipulate Cliffs' share price to
support the "bearish" position Mr. Johnson's firm Axiom has
historically taken with respect to Cliffs' stock. As a result
of these statements, Cliffs has already instructed its outside
legal counsel to pursue appropriate legal action against all
parties involved.
About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is a leading mining and natural
resources company. Founded in 1847, Cliffs Natural Resources Inc.
is recognized as the largest and oldest independent iron ore mining
company in the United States. The
Company is a major supplier of iron ore pellets to the North
American steel industry from its mines and pellet plants located in
Michigan and Minnesota. Cliffs also operates an iron ore
mining complex in Western
Australia. Driven by the core values of safety, social,
environmental and capital stewardship, Cliffs' employees endeavor
to provide all stakeholders operating and financial transparency.
For more information, visit
http://www.cliffsnaturalresources.com
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SOURCE Cliffs Natural Resources Inc.