Market Overview

Casablanca Issues Comment on Cliffs Natural Resources' 'Desperate Ploy to Maintain Status Quo'


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:

“This is a desperate last-minute ploy by a self-interested Board that will
stop at nothing to keep its seats, maintain the status quo and prevent real
change in our view. We are confident shareholders understand that the only way
to achieve meaningful change that will restore value is to vote on the GOLD
proxy card as recommended by both leading proxy advisory services at the
annual meeting of shareholders set for July 29.”

Casablanca considers the vote of all Cliffs shareholders to be important, and
encourages all Cliffs shareholders to sign, date, and return the GOLD proxy
card. If stockholders have previously signed a white card, they may revoke
that vote by immediately signing, dating, and mailing Casablanca's GOLD proxy
card. Shareholders with questions about how to vote the GOLD card, or who need
additional information, should contact Casablanca's proxy solicitor, Okapi
Partners, at (212) 297-0720 or (877) 274-8654 (toll-free), or visit for further information.

Additional information regarding Casablanca's investment in Cliffs can be
found at

Okapi Partners
437 Madison Avenue, 28th Floor
New York, N.Y. 10022
(212) 297-0720
Stockholders Call Toll-Free at: (877) 274-8654

Posted-In: News Press Releases


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