Cliffs Natural Resources is well off where Casablanca Capital decided to get involved. It's still trying to shut down operations to help reduce exposure to iron. The activist idea was to turn the company into an economic bellwether not beholden to commodity prices.
Nothing seems to be working, with the activist backed CEO having overhauled the board, attempted to sell the Australian operations, sold coal mines and forfeiting two of its Canadian iron assets for a debt restructuring.
That hasn't worked out or stopped the bleeding. China is dumping cheap steel and the market has no signs of leveling off in terms of oversupply.