Case | HBS Case Collection | September 1992 (Revised September 1993)

Cleveland-Cliffs, Inc.

by Jay O. Light


A New York-based money manager owns a sizable percentage of the common shares of Cleveland-Cliffs, a U.S. iron ore producer. The money manager would prefer that Cliffs pay out or otherwise return $100 million of "excess cash" to the shareholders. The management resists this suggestion, and instead argues for investing in the business. The money manager offers an alternative partial slate of directors.

Keywords: Asset Management; Financial Strategy; Mining; Business and Shareholder Relations; Financial Services Industry;


Light, Jay O. "Cleveland-Cliffs, Inc." Harvard Business School Case 293-051, September 1992. (Revised September 1993.)