Cleveland Cliffs Inc has officially switches to its new name Cliffs Natural Resources Inc. The change wasn't a slight against Cleveland, which will remain the headquarters, but a reflection of the company's evolution.
Mr Steve Baisden spokesman of Cleveland Cliffs said that "We are no longer only a North American iron ore player." He added that it is now global and diversified into coal. Its new name explains what the company does but is flexible enough to cover possible expansion into other minerals. The company's ticker symbol CLF and common shorthand reference, Cliffs, will remain the same.
He said that “The new blue and green logo is meant to suggest a cliff and its reflection in the water. The old logo included a maritime flag, a reminder of the days when the company owned a fleet of Great Lakes shipping vessels.”
Cliffs announced its plans for the name change this year when it told shareholders it planned to purchase Alpha Natural Resources, an Appalachian coal mining company. The merger requires a shareholder vote in mid-November to proceed, but Cliffs decided not to wait that long to change its name.
Earlier this month, Cliffs shareholders rejected an attempt by Harbinger Capital Partners to increase its 15% stake in Cliffs. It said that it has adopted a shareholder-rights plan that would protect against unwanted takeover bids.
Mr Baisden said that Cliffs' new name fits into the company's re branding strategy regardless of what happens with the Alpha deal. The Cleveland Cliffs name dates to 1891 and the merger of Cleveland Iron Mining Co with Iron Cliffs Co.
A major transformation began in 2000 when Cliffs' board decided to pursue growth and diversification into other raw materials, including types of coal, used in steel making. In 2005, Cliffs bought into an Australian iron ore company called Portman Limited. Acquisitions in the United States, Brazil and elsewhere in Australia followed.
With the Alpha deal, it will have 8,900 employees around the world and expected 2009 revenue of USD 10 billion. Cliffs plans to keep its headquarters in downtown Cleveland. New corporate offices should open next month on the 33rd and 34th floors of the former BP Tower at 200 Public Square. The offices at 1100 Superior Ave. will be used for the iron ore unit.
