Summary

• Three members of the Cliffs Board have resigned recently amid allegations that management is unwilling to consider any dissenting views.
• The Cliffs Board continues moving forward with its strategy of completing the stock buyback and attempting to divest itself of non-core assets.
• Cliffs continues to compete in a very challenging economic environment that has seen iron ore prices continue to drop.
  

The sad saga of Cliffs Natural Resources (NYSE:CLF) took another step into the spotlight recently as a third member of the Board of Directors has resigned his post in just a little over the past month amid allegations of bullying by Casablanca Capital's newly elected directors. Add the five seats that changed hands at the latest shareholder meeting and now eight of the nine total seats on the Cliffs Board of Directors have turned over within the last few months.....