UPDATE 1-Cleveland-Cliffs backs Ancora in Norfolk Southern proxy battle, Bloomberg says [Yahoo! Finance]
Cleveland-Cliffs Inc. (CLF)
Last cleveland-cliffs inc. earnings: 2/20 07:00 am
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Source: Yahoo! Finance
April 28 (Reuters) - U.S. steelmaker Cleveland-Cliffs , a Norfolk Southern customer, has backed activist investor Ancora Holdings in its effort to have seven directors and a new chief executive officer installed at the railroad operator, Bloomberg News reported on Sunday. Cleveland-Cliffs CEO Lourenco Goncalves said in a letter to Ancora that the outcome of the proxy fight will have no impact on its customer or supplier relationship with Norfolk Southern, the report added. "We believe in shareholder activism when the activist has a plan and knows how to execute the plan," Goncalves wrote in the letter cited in the Bloomberg report. Norfolk Southern said in response to the Cleveland-Cliffs letter on Sunday: "It is unfortunate that Ancora continues to mislead our stakeholders about their strategy." It added that the "mathematic reality" of Ancora's proxy fight would require thousands of furloughs. Cleveland-Cliffs did not immediately respond to Reuters' requests for comment.
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