CLEVELAND, Jan. 4, 2016 /PRNewswire/ -- Cliffs Natural
Resources Inc. (NYSE: CLF) today announced that, under the terms of
its 7.00% Series A Mandatory Convertible Preferred Stock, Class A
("Series A preferred stock"), the final quarterly dividend will not
be paid in cash. Instead, pursuant to the terms of the Series
A preferred stock, the conversion rate will be increased such that
holders of the Series A preferred stock will receive additional
Cliffs common shares in lieu of the accrued dividend at the time of
mandatory conversion of the Series A preferred stock on
February 1, 2016. In accordance
with applicable law, Cliffs' board of directors determined not to
declare a dividend payable in cash. The number of Cliffs
common shares in the aggregate to be issued in lieu of the dividend
is estimated to be approximately 1.26 million. This results
in an effective conversion rate of .9052 common shares, rather than
.8621 common shares, per depositary share, each representing
one-fortieth of a share of Series A preferred stock.
About Cliffs Natural Resources Inc.
Cliffs Natural
Resources Inc. is a leading mining and natural resources 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.
News releases and other information on the Company are available at
http://www.cliffsnaturalresources.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cliffs-natural-resources-inc-announces-increase-in-conversion-rate-of-preferred-stock-300198801.html
SOURCE Cliffs Natural Resources Inc.