A salvage crew from Sturgeon Bay, directed by Captain Williams, initially attempted to refloat the vessel. Divers patched up the Christina Nilsson's bottom, and steam-driven pumps were used to siphon water from the vessel's hold in an attempt to make her buoyant again. However, the salvors' confidence proved misplaced when four steam pumps, working in unison for four hours, lowered the water in the hold only a few inches

Focusing solely on the cargo proved more fruitful. By 20 November, 250 tons of pig iron had been raised and placed on the Chipman & Roesser's Pier in Baileys Harbor for spring shipment. The plan was to raise another 100 tons of pig iron, buoy the Nilsson up with cedar logs and have the tug John Gregory pull the schooner off and take her to Chicago.  However, unfavorable weather thwarted these plans through early December, when the salvors concluded the Nilsson's bottom was beyond repair, and operations were suspended for the winter. Ultimately, plans to refloat the Nilsson were abandoned, and the vessel was declared a total loss.