Casablanca Capital Comments on Cliffs Natural Resources Press Release

  Casablanca Capital Comments on Cliffs Natural Resources Press Release

Business Wire

NEW YORK -- July 2, 2014

Casablanca Capital LP, (“Casablanca”)the beneficial owner of approximately
5.2% of Cliffs Natural Resources Inc. (NYSE:CLF), today issued the following
statement on the latest Cliffs press release:

“The press release issued by Cliffs before engaging with Casablanca’s
principals is another public relations ruse by an incompetent and entrenched
Board that has failed shareholders -- and in our view not a genuine attempt to
reach a settlement that will create the fundamental change shareholders
clearly want and deserve. We have no intention of negotiating through press
releases but remain willing, as we have detailed in our public filings, to
enter into a reasonable settlement that provides for real change. The current
Board must be held accountable for wasting $9 billion on a disastrous
diversification strategy and overseeing the destruction of 85% of shareholder
value. Shareholders deserve better.”

About Casablanca Capital LP

Casablanca Capital is an Event Driven and Activist investment manager based in
New York, founded in 2010 by Donald G. Drapkin and Douglas Taylor. Casablanca
invests in high quality but underperforming public companies that have
multiple levers to unlock shareholder value. The firm seeks to engage with the
management, Boards, and shareholders of those companies in a constructive
dialogue in order to enhance shareholder value through improved operational
efficiencies, strategic divestitures, capital structure optimization and
increased corporate focus. In 2011, Casablanca successfully initiated a
campaign at Mentor Graphics Corporation to improve profitability and enhance
value at the company, working with shareholders to elect three nominees to
Mentor’s Board.

Cautionary Statement Regarding Opinions and Forward-Looking Statements

Certain information contained herein constitutes “forward-looking statements”
with respect to Cliffs Natural Resources Inc. ("Cliffs"), which can be
identified by the use of forward-looking terminology such as “may,” “will,”
“seek,” “should,” "could," “expect,” “anticipate,” “project,” “estimate,”
“intend,” “continue” or “believe” or the negatives thereof or other variations
thereon or comparable terminology. Such statements are not guarantees of
future performance or activities. Due to various risks, uncertainties and
assumptions, actual events or results or actual performance may differ
materially from those reflected or contemplated in such forward-looking
statements. The opinions of Casablanca Capital LP ("Casablanca") are for
general informational purposes only and do not have regard to the specific
investment objective, financial situation, suitability or particular need of
any specific person, and should not be taken as advice on the merits of any
investment decision. This material does not recommend the purchase or sale of
any security. Casablanca reserves the right to change any of its opinions
expressed herein at any time as it deems appropriate. Casablanca disclaims any
obligation to update the information contained herein. Casablanca and/or one
or more of the investment funds it manages may purchase additional Cliffs
shares or sell all or a portion of their shares or trade in securities
relating to such shares.

CASABLANCA CAPITAL LP, DONALD G. DRAPKIN AND DOUGLAS TAYLOR (COLLECTIVELY,
“CASABLANCA") HAVE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE
“SEC”) A DEFINITIVE PROXY STATEMENT AND ACCOMPANYING FORM OF PROXY CARD TO BE
USED IN CONNECTION WITH THE SOLICITATION OF PROXIES FROM STOCKHOLDERS OF
CLIFFS NATURAL RESOURCES INC. (THE "COMPANY") IN CONNECTION WITH THE COMPANY'S
2014 ANNUAL MEETING OF STOCKHOLDERS. ALL STOCKHOLDERS OF THE COMPANY ARE
ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO
THE SOLICITATION OF PROXIES BY CASABLANCA, ROBERT P. FISHER, JR., CELSO
LOURENCO GONCALVES, JOSEPH RUTKOWSKI, JAMES S. SAWYER AND GABRIEL STOLIAR
(COLLECTIVELY, THE "PARTICIPANTS") BECAUSE THEY CONTAIN IMPORTANT INFORMATION,
INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. THE DEFINITIVE
PROXY STATEMENT AND AN ACCOMPANYING PROXY CARD HAVE BEEN FURNISHED TO SOME OR
ALL OF THE COMPANY'S STOCKHOLDERS AND ARE, ALONG WITH OTHER RELEVANT
DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, OKAPI PARTNERS LLC, CASABLANCA'S PROXY SOLICITOR, WILL PROVIDE
COPIES OF THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD WITHOUT
CHARGE UPON REQUEST BY CALLING (212) 297-0720 OR TOLL-FREE AT (877) 274-8654.

INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR
INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN THE DEFINITIVE PROXY
STATEMENT ON SCHEDULE 14A FILED BY CASABLANCA WITH THE SEC ON JUNE 12, 2014
AND IN THE DEFINITIVE ADDITIONAL MATERIALS ON SCHEDULE 14A FILED BY CASABLANCA
WITH THE SEC ON JULY 1, 2014. THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE
FROM THE SOURCES INDICATED ABOVE.

Contact:

Media:
Sard Verbinnen & Co
George Sard/Matt Benson
212-687-8080
or
Investors:
Okapi Partners
Bruce H. Goldfarb/Patrick McHugh/Lydia Mulyk
212-297-0720
 
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