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NEW YORK (Reuters) - The chief of U.S. hedge fund Harbinger Capital Partners, the largest shareholder of Cleveland-Cliffs Inc (CLF.N: ), has begun pushing the iron ore pellet maker to put itself up for sale, The Wall Street Journal said. Phil Falcone, who wants Cleveland-Cliffs to take advantage of the steel boom, reckons the company could fetch as much as $130 a share, or about $14 billion, the paper said, citing a person close to Harbinger. The move comes a week after Cleveland-Cliffs said it agreed to acquire coal miner Alpha Natural Resources Inc (ANR.N: ) for about $8.3 billion to expand its coal assets and capitalize on the boom in the global steel industry. In a regulatory filing made after the deal announcement, Harbinger Capital, which owns about 18.36 percent of Cleveland- Cliffs common stock, expressed concerns... [read full story]
