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Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Casablanca Nominates CEO Candidate for Cliffs Natural

Feb 12, 2014
Jing Chen

Activist hedge fund firm Casablanca Capital nominated former Metals USA chief Lourenco Goncalves for the CEO position at Cliffs Natural Resources.

Casablanca co-founder Donald Drapkin told the Wall Street Journal that the hedge fund, which has a 5.2% stake in the Cleveland-based iron ore producer, that the firm is “confident Goncalves will bring the strategic and operational skills needed to effect urgent change and restore the fundamental value in Cliffs.”

Goncalves, a 30-year veteran of the metals and mining industry, has agreed to be a Casablanca director nominee. He recently made a personal investment of approximately $1 million in Cliffs shares.

Last month, Casablanca pushed for Cliffs Natural to consolidate its Bloom Lake mine together with the rest of its Eastern Canadian assets and its Asia-Pacific business to create Cliffs International, calling the iron ore producer’s international business “riskier” than its domestic operations.

 

 

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