Cleveland-Cliffs gets delisting notice |
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Fri, 30 Mar 2007 22:53
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NEW YORK (AP) - Cleveland-Cliffs Inc., a maker of iron ore pellets used in steel production, said Thursday it is being monitored for possible delisting by the New York Stock Exchange due to a delinquent annual report.On March 16, Cleveland-Cliffs said it would delay the filing of its annual report due to an outstanding accounting issue related to derivative instruments and hedging. The company said it will file the delayed report as soon as possible.According to a regulatory filing Friday with the Securities and Exchange Commission, Cleveland-Cliffs received notice on March 20 that the New York Stock Exchange will monitor the status of the company's annual report for a six-month period. After six months, the exchange may grant an extension.Despite the timeline, Cleveland-Cliffs said the New York Stock Exchange could begin delisting proceedings at any time.The Cleveland, Ohio-based company's shares added 8 cents to close at $64.01 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Cleveland-Cliffs delays report filing 