Cliffs Natural Resources Inc. CEO Bides Time On Asset Sales

Cliffs Natural Resources Inc.

chief executive pushed back against critics Wednesday, insisting there's no deadline for the Cleveland-based mining company to sell its assets. Lourenco Goncalves, named chief executive in August, told The Wall Street Journal Wednesday "there's no ticking clock" on a plan to sell its Appalachian coal assets and Australian iron mines. Insiders at Cliffs in August lost a proxy battle with hedge fund Casablanca Capital LP, which wants the company to divest everything but its core U.S. iron ore operations -- five mines in Minnesota and Michigan. Last month Cliffs reportedly hired a pair of investment bankers to help sell off unwanted assets. The company has been beset by falling prices for iron ore and coal, and recently launched a $200 million share buyback, saying it will modify its debt agreements to pay for the plan. Standard & Poor's Ratings Services cut Cliff's bonds Tuesday to junk status, citing low prices for iron ore. Cliffs' shares are off more than 48 percent in the past three months and ticked lower Wednesday by more than 1 percent to $7.89 a share.