The only reason CLF shot to the moon since 2005 was the hyperbolic Chinese expansions which by all accounts are coming to an end. I don't think it's unreasonable for mining companies like CLF to be valuated by their pre-2005 standards now that the China factor is history.
And in 2005 CLF had what 1.7bb in Assets? As of 12/31 they had 13.57bb. The company is vastly larger than it was in 2005. And the general theme of GS was not that IO was not needed, it was that there was increased capacity coming online. Not sure if anyone really knows what the quality of that capacity will be. It did not seem to be that China was not going to expand... more like maybe there will be a surplus of IO as a result of increased mining. Viewing China as not expanding is like saying the US government is shrinking when they simply reduce their own growth %'s. Growth is still growth.
Since someone will likely say it, yes CLF has more debt then they did in 2005.