My reading of this document is that the project is to extend mine life, not to increase production. Ii believe that capacity is limited by the 5 Northshore furnaces, and by emissions limitations corresponding to the current 6 mil output. The last Cliffs annual report still lists Northshore capacity as 6 million tons.
I listened to the CC and later read the transcript. I thought it was upbeat for Cliffs. US Steel Canada and Algoma were good news, probably for Tilden. MT could be good news, for United Tachonite. There wasn't a word said about Nucor or DR ready pellets. I didn't hear any good news that was specific to Northshore, except that Cliffs was going to remain open for business for a while.
Interesting post on the CLF message board today. Poster claimed to be a worker at Silver Bay. Said that there was 750K on the ground ready to go. All workers are back on the job. Topic on the Cliffs board is: "Silver Bay/ North Shore Mining"
jkwayne99 is right. LG said in the CC that Algoma and usSteel Canada were in in the 17.5 M.
Two observations about the CC:
1) US Steel doesn't appear to be worthy completion for selling pellets. Both Algoma and US Steel Canada were getting pellets from US Steel, but now have signed on with Cliffs.
2) LG goes on about how difficult it is to customize pellets for the customer. Yet US Steel Canada switches to Cliffs in the blink of an eye. And Algoma switch from, and then back to Cliffs. I'm not sure that I'm buying LG's thesis.
I'm not sure that the $65M was for pellets delivered. I think it was for pellets that were supposed to be delivered under the minimum clause.
Algoma didn't have to settle the contract dispute. Cliffs had already backed out of the contract. US Steel provided Algoma pellets to get them through the winter. US Steel has been making noise lately about selling their excess pellet capacity to other users. It is interesting to me that both Algoma and US Steel Canada are now buying pellets from Cliffs, not US Steel.
I'm just a small investor. But what I've found works for me is to put in a limit order a little above the ask. It almost always gives me a buy a little bit below what the ask was.
If you want the dividend, look at MSB. Their only "business" is distributing the Royalties paid by Northshore.