The company’s board also declared a quarterly cash dividend on the company's 7% Series A Mandatory Convertible Preferred Stock of $17.50 per share, which is equivalent to approximately $0.44 per depositary share, each representing 1/40th of a share of Series A preferred stock.

The company holds 100% ownership of three coal mines in North America with a production capacity of 9.4Mtpa.

For the period ended March 31, the company’s North American coal business sales volume totalled 1.8 million tons, a spike of 27% from the 1.4Mt it sold in last year’s comparable quarter.

The increase, officials said, was driven by significantly higher sales volumes from its Oak Grove operation. The news is even more significant considering the mine’s preparation facility and loadout was not fully operational during 2012's first quarter because of severe weather damage in 2011.

The company recorded revenues of $US1.1 billion for the period ended March 31, down 6% or $72 million year-on-year on a 10% fall in global iron ore sales volumes.

Cliffs' full-year North American Coal revenue-per-ton outlook is between $110 and $115. The producer said it had about 75% of its expected 2013 sales volume committed and priced at approximately $110 per short ton at the mine.

At the company shareholder meeting on Tuesday, shareholders voted to re-elect the company’s directors and approve an executive compensation plan.

Shareholders did not approve an amendment to adopt majority voting in uncontested director elections, an amendment to eliminate cumulative voting in director elections and an amendment to provide directors with more power to amend regulations.

Prior to the annual meeting, Cliffs board member Richard Ross left his seat only weeks after announcing he would not stand for re-election at the shareholders meeting.

In a US Securities and Exchange Commission filing, the company said Ross submitted notice on April 3 that he would immediately step down from the board.

He initially said on March 15 that he would not be included in re-election voting.

A specific reason for the resignation was not disclosed.

Steven Raguz, executive vice president, corporate strategy and communications & chief strategy officer, also left the company on May 1 to assume a new role as chief financial officer at a private company in Cleveland.