Just like Kirsch .. CASA and Goncalves have NO clue about getting out of INT markets at any cost and sticking to Domestic operations. Until that happens this stock is dead in the water.
Bad days for CLF for last 3 years . They must get out of Seaborne IO pricing that is killing their stock price just about every day. They must recognize that they can't compete with big players like BHP and RIO who are determined to put smaller producers of IO out of business. So sell all INT operations, get whatever they can and use to reduce the debt and then just concentrate and expand US operations which are not really dependent on Seaborne IO pricing. This is their only strategy except to cut the CAPEX even further and other cost to the BONE so they can lower the IO production cost to $50-$60 range. This is the ONLY way for CLF to survive and prosper...NO matter who is in charge. When Shorts know this they will run like hell.
BHP ,RIO and VALE all down 1.5% to 3%. CLF down most at 5.4% @ $14.06. IO price must be down big. Any one has info on today's IO price. If CLF sells all INT assets, they don't have to worry about bloody Seaborne IO price much. They will have enough US business to slowly pay down LEFT OVER and raise the stock price. Why does CASA and Goncalves insist on getting right price in this very low IO price environment. They will never be able to.
I put a call thru to Goncalves but he was unavailable and left a message for him to call.
Where they going to get money to buy more back more shares. Taking on more debt?Per latest report, their Total debt has already gone up to $3.454 B
Anyone has any idea about what the today's IO price is? CLF is down terrible today some 4%. Goncalves needs to sell just about all INT assets to down t to pay down the debt and cut CAPEX and other expenses even more drastically to conserve cash and put all emphasis on domestic business He need to describe CLF's going forward Business Strategy to put the company on a sound footing to MEDIA is the most IMP.This should help scaring the Shorts. This is the most IMP 1st step he can take.
CLF now down almost 3 %...I am going to confront Goncalves about a number of issues when I talk to him today( IN AFTERNOON) if I can get hold of him. Any specific questions anyone may have that I should ask him.. Please let me know.
No!! my home phone only takes messages. I really didn't expect his response.To say the least I was very surprised in his interest to speak to me. But I will call him tomorrow as he seems to be interested in talking to me. I will also post the major parts of the content of he letter I sent him on 8/29. If I get hold of him , I will also summarize it here.
Missed Goncalves Calls twice. I will call him tomorrow and see what he has to say about the direction of CLF and his turnaround strategy.
Going up and down like a YOYO... Little price stability and Shorts are NOT giving up until Goncalves makes some startling announcement on assets sale.
Any idea what CLF might get for the" Ring of Fire" sale? I think CLF paid $500mil to acquire the rights to this Chromite mine.
YOU WELCOME!!WELL.. The stock never keeps going up in a straight line but i think the trend for CLF is UP. We will see Ups and Downs ..like taking 2 steps forward and one step backward..IMO.