The company will be working with its bank group to ensure the buyback program is effectively implemented in a timely manner, it said in a statement.
Under the proposed terms of the buyback program, the company is not obligated to make any purchases and the program may be suspended or discontinued at any time. The authorisation is active until December 31, 2015.
Cliffs chairman and CEO Lourenco Goncalves said: “The implementation of our new strategy centered on the US iron ore business has started.
“With that, we are very pleased that our newly reconstituted board of directors has agreed with our conviction that, at this point, the best use of our capital is to invest in our own business, our people and our assets by buying back Cliffs’ common stock.”
Goncalves said he believed the stock buyback will be smoothly executed, and should benefit shareholders.
