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Categories Entertainment Blog Refer this site Reporter 7 News Envoy HelloArticle PR-inside Special Pages Gold Medal Mortage Get the latest news with our RSS feed More information Industries Cleveland-Cliffs Announces Convertibility of Preferred Stock Print article Refer to a friend 2007-03-30 23:01:02 - CLEVELAND, March 30 /PRNewswire-FirstCall/ - Cleveland-Cliffs Inc today announced that, due to the satisfaction of a condition to the conversion right of the holders of its 3.25% redeemable cumulative convertible perpetual preferred stock, the preferred stock may be surrendered for conversion at any time during the fiscal quarter ending June 30, 2007.

The condition was satisfied because the closing share price of Cleveland- Cliffs' common shares for at least 20 trading days of the last 30 trading days of the fiscal quarter ending March 31, 2007, exceeded 110% of the then applicable conversion price of the preferred stock.

The satisfaction of this condition allows conversion of the preferred stock during the fiscal quarter ending June 30, 2007, only.

Conversion may continue after such quarter if certain conditions set forth...

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