Cliffs Turnaround Plan Derailed by Iron Ore at 5-Year Low
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Activist investor Casablanca Capital LLC’s plan to revive the fortunes of the largest iron ore producer in the U.S. is crumbling as the price of the commodity drops to a five-year low.
Casablanca went public in January with demands for Cliffs Natural Resources Inc. to spin off or sell foreign mines and return more cash to investors. Casablanca won a proxy contest in July with the election of its slate of directors on the Cliffs board, one of whom was appointed chief executive officer.