The profit is smoke and mirrors. Funny how you guided to profits for their iron ore, and now you reference profits including discontinued ops. Pretty sure you said you would stop posting if you were wrong on your eps estimate, and that was clearly the case.
Discontinued ops for the quarter- $135M of income from eastern canadian iron ore and a $31.5M loss from coal.
As a result of the Wabush Filing, we deconsolidated certain Wabush Group wholly-owned subsidiaries effective May 20, 2015. The certain wholly-owned subsidiaries deconsolidated effective May 20, 2015 are Wabush Group entities that were not deconsolidated as part of the deconsolidation effective January 27, 2015 as discussed previously in this section. This deconsolidation, effective May 20, 2015, resulted in a pretax gain on deconsolidation and other charges, totaling $134.7 million. The pretax gain on deconsolidation includes the derecognition of the carrying amounts of these certain deconsolidated Wabush Group wholly-owned subsidiaries' assets, liabilities and accumulated other comprehensive loss and the adjustment of our remaining interests in the Canadian Entities to fair value.
Except they probably need 150-200M cash to run the business and their core business is not generating cash flow. Tax refund will definitely buy them time...in the meantime they are in a really tough market