Cliffs Natural Resources Inc (NYSE:CLF) is a cigar butt that's for sure. The company's shares have collapsed since 2009, falling 38%, excluding dividends, while over the same period the S&P 500 (INDEXSP:.INX) has jumped 95%. Over the same period the company has gained a terrible reputation for misallocating capital and instigating unsustainable dividends.
However, the recent intervention by activist hedge fund, Casablanca Capital, which now owns more than 5% of the Cliffs Natural Resources Inc (NYSE:CLF), could mark the beginning of a new era.
Casablanca pushing for change at Cliffs Natural Resources
Casablanca wants to instigate several changes at Cliffs Natural Resources, designed to unlock value after years of mismanagement.
First and...
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