Cleveland-Cliffs did not return requests for comment by the time this article was published.

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Cleveland-Cliffs has become fortified against potential buyers now that it has picked up Alpha Natural Resources .

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Many Cleveland-Cliffs investors were unhappy that their iron ore play was getting a great deal of coal exposure.

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After the dot-com collapse in 2001, for example, his screens picked up a collection of steel companies such as Cleveland-Cliffs, Metals USA, Oregon Steel Mills and Quanex.

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Only days after Cleveland-Cliffs announced a banner deal to pick up Alpha Natural Resources, Harbinger Capital Partners, the company's largest shareholder, has come out against the acquisition.

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Cleveland-Cliffs already has a small presence in the coal market.

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"Together, Alpha and Cleveland-Cliffs will have the size, the management depth and the mining expertise to compete on the global stage as demand for raw materials continues to increase around the world, " Alpha Chairman Michael Quillen said in a statement to the press.

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After the dot-com collapse in 2001, for example, his screens picked up a collection of steel companies such as Cleveland-Cliffs (nyse: CLF - news - people ), Metals USA, Oregon Steel Mills and Quanex (nyse: NX - news - people ).

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The acquisition, however, will make the company bigger and more expensive for potential acquirers, likely accounting for the slide in its stock price on Wednesday. (See "New Heights For Cleveland-Cliffs") Robson also noted that some investors may have left because they had wanted a straight iron-ore play.

FORBES: Cleveland-Cliffs Becomes Company of Steel