Harbinger Capital Partners Comments on Its Investment in Cliffs Natural Resources (Business Wire) and Zambito changes name to Z-Careers (at bizjournals.com)

City of Industry, CA --(www.USEquityNews.com)-- 01/12/2009 - Steel and Iron industry alert provided by U.S. Equity News. NEW YORK--(BUSINESS WIRE)--As part of ongoing portfolio management and rebalancing, the Harbinger Capital Partners(R) funds announced a reduction in their exposure to Cliffs Natural Resources (NYSE: CLF) in order to bring the position in line with current portfolio metrics and may continue to do so in the future, as conditions permit. Harbinger maintains its conviction that Cliffs controls unique and valuable assets and believes Cliffs will be one of the prime beneficiaries of the eventual economic recovery. Though it has adjusted its stake in Cliffs, Harbinger maintains its commitment to supporting value-maximizing strategies at Cliffs and, as such, reserves the right to be in contact with members of management, members of the Board, shareholders and other relevant parties regarding alternatives that Cliffs could employ to maximize shareholder value. [Read the full article]


An executive search firm in Columbus has changed its name in an effort to branch out in the industry. Zambito Executive Search LLC announced this week that it now goes by Z-Careers. The company in 2007, the latest year for which figures are available, completed 15 executive searches, ranking as the area's sixth-largest retained search firm, according to Columbus Business First research. Founder and managing partner John Zambito said the new name and new tagline - "Where talent goes to work" - is tied to the company's recent growth. Zambito, founded in 2002, spent the first half-decade of its existence with its owner as its sole employee. The company now has seven employees and is moving to a new office at 65 E. State St. downtown to accommodate the growth. "I was glad to have (the name) focused on me when I was by myself, but now this business is bigger than me and the name should mean more," he said. [Read the full article]

SYDNEY, Australia (AP) -- Rio Tinto PLC, the world's second-largest iron ore producer, said Monday it would postpone a $2.15 billion expansion of its iron ore mine in Corumba, Brazil, because of the global financial crisis. The London-based company, which is listed in Britain and Australia, said in July it wanted to boost production of iron ore, a key ingredient in steel production, at Corumba more than sixfold, from 2.2 million tons (2 million metric tons) to 14.1 million tons (12.8 million metric tons)."It is in response to the severe market downturn, which has clearly impacted on our iron ore demand," Rio Tinto spokesman Gervase Greene said of the postponement. [Read the full article]

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