Portman share buy-back falls short, Cleveland-Cliffs' holding increased

摘要

US STEEL group Cleveland-Cliffs Inc has failed to acquire an extra 8 percent in Western Australian iron-ore miner Portman Ltd after a share buy-back did not attract full subscription. In May, Portman said it would buy back 9.39 percent of its equity to return surplus cash to shareholders and increase earning per share. Cliffs Asia-Pacific Pty Ltd, controlled by Cleveland-Cliffs and Portman's biggest shareholder with 80.45 percent, said it would not participate in the purchase.