Cleveland-Cliffs Announces Convertibility of Preferred Stock.CLEVELAND -- Cleveland-Cliffs Inc (NYSE NYSE See: New York Stock Exchange :CLF CLF The ISO 4217 currency code for Chile Unidades de Fomento. ) today announced that a condition to the conversion right of its 3.25% redeemable cumulative convertible perpetual preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. is satisfied and, as a result, the preferred stock may be surrendered for conversion at any time during the fiscal fourth quarter ending December 31, 2007. The condition was satisfied because the closing share price of Cleveland-Cliffs' common shares for at least 20 of the last 30 trading days of the fiscal 2007 third quarter exceeded 110% of the then applicable conversion price of the preferred stock. The satisfaction allows conversion of the preferred stock only during the fiscal 2007 fourth quarter. Conversion may continue after the fiscal 2007 fourth quarter if certain conditions set forth in Cleveland-Cliffs' amended articles of incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. are satisfied. The preferred stock was also convertible during each of the past 11 fiscal quarters due to the satisfaction of this condition during the applicable periods. [TABLE OMITTED] The conversion rate for the fiscal 2007 fourth quarter is currently 66.1881 common shares per share of preferred stock. This equates to a conversion price of approximately $15.11 per common share, subject to adjustment in certain circumstances including payment of dividends on the common shares. To be added to Cleveland-Cliffs' e-mail distribution list, please click on the link below: http://www.cpg-llc.com/clearsite/clf/emailoptin.html Cleveland-Cliffs Inc, headquartered in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. , is an international mining company, the largest producer of iron ore pellets in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and a major supplier of metallurgical coal to the global steelmaking industry. The Company operates six iron ore mines in Michigan, Minnesota and Eastern Canada Eastern Canada (also the Eastern provinces) is the region of Canada generally considered to be east of Manitoba, consisting of the following provinces:
News releases and other information on the Company are available on the Internet at: http://www.cleveland-cliffs.com |
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