A brief analysis of where CLF sits now since where it traded beginning March of 2013:
1. CLF traded down in a free fall to the $16 lows in early July
2. CLF had two better than expected ER for Q1 and Q2
3. IO prices are well above forecasts for the current Qtr and supplies seem to be lower in key paqrts of the world
4. CLF touched $20 numerous times since March, so I will use $20 as a base line for CLF (I think $26 should be the floor on CLF, not its ceiling)
5. If one wants to use $18 as a baseline for CLF, we're just 10% above that. If one uses $20 for the baseline, we are flat.
Is WS is valuing CLF going forward on IO prices of $80 in 2014,