"It is the responsibility of each listed company to determine what information is material according to the above definition in the context of the company’s own affairs. The materiality of information varies from one company to another according to the size of its profits, assets and capitalization, the nature of its operations and many other factors. An event that is “significant” or “major” in the context of a smaller company’s business and affairs is often not material to a large company. The company itself is in the best position to apply the definitionof material information to its own unique circumstances.

The Exchange recognizes that decisions on disclosure require careful subjective judgments, and encourages listed companies to consult Market Surveillance when in doubt as to whether disclosure should be made."

http://www.tmx.com/en/pdf/PolicyStatementOnTimelyDisclosure.pdf

I don't fully understand why Cliffs was not halted simultaneously. At one point they were suggesting that future annual revenues from the chrome might account for ~40% of their total annual revenues. Is this not material news??

"

Examples of developments likely to require prompt disclosure

as referred to above include the following:

a) Changes in share ownership that may affect control of the company.

b) Changes in corporate structure, such as reorganizations,amalgamations, etc.

c) Take-over bids or issuer bids.

d) Major corporate acquisitions or dispositions.

e) Changes in capital structure.

f ) Borrowing of a significant amount of funds.

g) Public or private sale of additional securities.

h) Development of new products and developments affecting

the company’s resources, technology, products or market.

i) Significant discoveries by resource companies.

j) Entering into or loss of significant contracts.

k) Firm evidence of significant increases or decreases in

near-term earnings prospects.

l) Changes in capital investment plans or corporate objectives.

m) Significant changes in management.

n) Significant litigation.

o) Major labour disputes or disputes with major contractors or suppliers.

p) Events of default under financing or other agreements.



q) Any other developments relating to the business and affairs of the company that would reasonably be expected to significantly affect the market price or value of any of the company’s securities or that would reasonably be expected to have a significant influence on a reasonable investor’s investment decisions.

http://www.tmx.com/en/pdf/PolicyStatementOnTimelyDisclosure.pdf