Alpha Natural Resources Sets Date for Stockholder Vote on Proposed Merger With Cliffs...

Alpha Natural Resources Sets Date for Stockholder Vote on Proposed Merger With
Cliffs Natural Resources

ABINGDON, Va., Oct. 23 /PRNewswire-FirstCall/ -- Alpha Natural Resources,
Inc. (NYSE: ANR) today announced that a special committee of its board of
directors has set Friday, November 21, 2008, as the meeting date for Alpha
stockholders to vote on the company's proposed merger with Cliffs Natural
Resources Inc. (formerly Cleveland-Cliffs Inc) (NYSE: CLF). This special
meeting of Alpha stockholders is scheduled to start at 11:00 a.m. EST and will
take place at Alpha headquarters, One Alpha Place, Abingdon, Va.
Alpha previously set the close of business on October 10, 2008, as the
record date for determining stockholders entitled to vote on the proposed
merger.
The joint proxy statement/prospectus contained in the Registration
Statement on Form S-4 filed by Cliffs with the SEC for the proposed merger has
been mailed to all eligible Alpha stockholders. The Registration Statement has
been declared effective, as of today, by the SEC.
The proposed merger requires approvals of both the Alpha stockholders and
the Cliffs shareholders, whose special meeting is also scheduled to take place
on November 21, 2008.
The Alpha board of directors recommends that stockholders vote in favor of
the proposed merger.
Under the merger agreement, if Alpha stockholders approve the proposed
merger but Cliffs shareholders fail to do so, Alpha will be entitled to
receive from Cliffs a $100 million termination fee. Conversely, Cliffs will be
entitled to receive from Alpha a termination fee of $100 million if Alpha
stockholders fail to approve the proposed merger but Cliffs shareholders
approve it. However, neither party will be entitled to the $100 million
termination fee if both Alpha stockholders and Cliffs shareholders fail to
approve the proposed merger.
If approved by Alpha stockholders and Cliffs shareholders, the proposed
merger is expected to close as soon as practical after the companies' special
meetings, provided all other conditions of the proposed merger have been
satisfied and/or waived by then.
About Alpha Natural Resources
Alpha Natural Resources is a leading supplier of high-quality Appalachian
coal to electric utilities, steel producers and heavy industry. Approximately
89 percent of the company's reserve base is high Btu coal and 82 percent is
low sulfur, qualities that are in high demand among electric utilities which
use steam coal. Alpha is also the nation's largest supplier and exporter of
metallurgical coal, a key ingredient in steel manufacturing. Alpha and its
subsidiaries currently operate mining complexes in four states, consisting of
57 mines supplying 11 coal preparation and blending plants. The company and
its subsidiaries employ more than 3,800 people.
ANRG
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995
A number of the matters discussed in this document are not historical or
current facts and deal with potential future circumstances and developments,
in particular, information regarding the merger of Cliffs Natural Resources
Inc. ("Cliffs") and Alpha Natural Resources, Inc. ("Alpha"), including
expected synergies resulting from the merger, combined operating and financial
data of Cliffs and Alpha, and whether and when the transactions contemplated
by the merger agreement will be consummated. The discussion of such matters is
qualified by the inherent risks and uncertainties surrounding future
expectations generally and also may materially differ from actual future
experience involving any one or more of such matters. Such risks and
uncertainties include: the risk that the businesses will not be integrated
successfully; the risk that the cost savings and any other synergies from the
transaction may not be fully realized or may take longer to realize than
expected; disruption from the transaction making it more difficult to maintain
relationships with customers, employees or suppliers; the failure to obtain
governmental approvals of the transaction on the proposed terms and schedule,
and any conditions imposed on the new company in connection with consummation
of the merger; the failure to obtain approval of the merger by the
shareholders of Cliffs and stockholders of Alpha and the failure to satisfy
various other conditions to the closing of the merger contemplated by the
merger agreement; and the risks that are described from time to time in
Cliffs' and Alpha's respective reports filed with the Securities and Exchange
Commission (the "SEC"), including each company's annual report on Form 10-K
for the year ended December 31, 2007. This document speaks only as of its
date, and Cliffs and Alpha each disclaim any duty to update the information
herein.
Additional Information and Where to Find It
In connection with the proposed merger, Cliffs has filed with the SEC a
Registration Statement on Form S-4 (File No. 333-152974), as amended, that
includes a definitive joint proxy statement of Alpha and Cliffs that also
constitutes a final prospectus of Cliffs. Alpha has mailed the joint proxy
statement/prospectus to its stockholders. Investors and security holders are
urged to read the joint proxy statement/prospectus and any other relevant
documents filed or to be filed by Alpha and Cliffs with the SEC when they
become available, because they contain important information about the
proposed merger. You may obtain a free copy of the joint proxy
statement/prospectus and other related documents filed by Alpha and Cliffs
with the SEC at the SEC's website at http://www.sec.gov. The joint proxy
statement/prospectus and the other related documents filed by Cliffs may also
be obtained for free by accessing Cliffs' website at
http://www.cliffsnaturalresources.com and clicking on the "For Investors" link
and then clicking on the link for "SEC Filings". The documents relating to the
proposed merger filed by Alpha may also be obtained for free by accessing
Alpha's website at http://www.alphanr.com by clicking on the link for
"Investor Relations" and then clicking on the link for "SEC Filings".
Participants in Solicitation
Alpha, Cliffs and their respective directors, executive officers and
certain other members of management and employees may be soliciting proxies
from Cliffs shareholders or Alpha stockholders, as applicable, in favor of the
proposed merger. Information regarding the persons who may, under the rules of
the SEC, be considered participants in the solicitation of the Cliffs
shareholders or Alpha stockholders, as applicable, in connection with the
proposed merger are set forth in the joint proxy statement/prospectus
contained in the Registration Statement on Form S-4 (File No. 333-152974), as
amended, filed by Cliffs with the SEC relating to the proposed merger. You can
find information about Cliffs' executive officers and directors in this joint
proxy statement/prospectus contained in the Registration Statement on Form S-4
relating to the merger filed by Cliffs with the SEC and in Cliffs' definitive
proxy statement filed with the SEC on March 26, 2008. You can find information
about Alpha's executive officers and directors in Alpha's definitive proxy
statement filed with the SEC on March 27, 2008. You can obtain free copies of
these documents from Alpha or Cliffs by accessing each company's website as
indicated above.
SOURCE Alpha Natural Resources, Inc.

Ted Pile of Alpha Natural Resources, Inc., +1-276-623-2920