Cleveland-Cliffs Becomes Target

By Matthew Karnitschnig and Jenny Strasburg Word Count: 631 | Companies Featured in This Article: Cleveland-Cliffs, ArcelorMittal, Nucor, U.S. Steel Cleveland-Cliffs Inc. forgot to get just one thing before unveiling its $10 billion deal for Alpha Natural Resources Inc. -- Phil Falcone's permission. As a result, the Cleveland iron-ore producer may have inadvertently put itself into play. Within two days of the deal's July 16 announcement, Harbinger Capital, Mr. Falcone's hedge fund and Cleveland-Cliffs' largest shareholder, said it opposed the move, leaving the transaction in doubt. With a 16% stake in Cliffs, Mr. Falcone effectively has enough power to block any transaction. Behind the scenes, the Harbinger chief has begun pushing for Cleveland-Cliffs to take advantage of the global... [read full story]