ok go.. you got too much influenced by solar and can't think independently. One time I had a high opinion of you . You just need to understand we surely need a change in the Board and MNGT...as simple as that.
Ask yourself.... why did they wait for 3 years w/o taking any action as the stock went from $102 to $14. They could had sold some stuff while IO prices were still in $110-$140 range recognizing that every one was talking about the coming glut and oversupply of IO. ? Only a moronic MNGT will stick with it.
Why Kirsch went on a buying binge with Carraba buying inflated Wabush, and BL mines for 9B including making improvements but NOT returning a penny of profit while the whole company is a fraction of it now.
Didn't the senior management know all Super Cycles end at some point.. including commodities cycle. They are in the commodities business and they don't have any in-house commodities expert to advise them?.
While professionals and big timers were shorting this stock like no tomorrow, why they were silent and not determine the cause and do something to stop it, instead sat there in their offices collecting their paychecks and bonuses.
Why didn't they found out this was the worst and the laughing stock in S &P 500 2 yr in a row and they didn't seem to know it and didn't do something about approaching to shareholders and WS.
Now they want yours and mine vote and say they are doing the best for their shareholders. I be too ashamed to make a statement like that and Blaming only CAS and ,lower IO price for all their troubles.
MNGT has only 0.3% stake in the company while CAS has 5.3% or 7.9Mil shares @$25. So who is going to do good for the company? While MNGT has No stake in the company, CAS is losing some $75 mil and they have the strategy what they will do if they can get the control; and it makes sense. People here worry CAS will destroy the company while Kirsch and his gang has already destroyed the company and NOT saying a thing how they will fix it.
If you people can answer all these points with good conscience in favor of the MNGT then go ahead and
vote for Kirsch and his people for another year .I will NOT.
With big Severance packages anywhere from $1 mil to $10 mil after the Compensation Plan was approved by barely 56 % vote( pure stupidity). This is after they destroyed 85% of SH value. This is too much for a small company that is trying to regroup and survive under the new Management.
Even if CLF wins the Board, there will be 4 CASA members on it.. and so it may still be very interesting. But I am hoping CASA wins.
I also enjoyed conversations with most of you here and wish every one a good luck and hope we see a new chapter in the life of Cliffs. Even if we remove just Kirsch it would be a major accomplishment. I think we have seen the LOWS for CLF. Good luck all the LONGS !! Tomorrow will be very interesting one way or another.
What makes you so sure.? I think Goncalves and Drapkin need to get on CNBC/Bloomberg and describe their strategy to turnaround this company including sale or spinoff assets, drastic cost reduction,lowering of debt and concentrating on domestic IO business and not worry about day to day Seaborne IO price. Only then the stock will cross $20 and scare off Shorts in covering.
Without that Tax benefit, the loss would had been $71 mil or $045/sh instead $2 mil and $0.01/sh. BHP and RIO pumping out more and more IO, the price of this commodity will remain lower under $100 or even under $90 for a long long time and I bet Cliffs reports,loss for both Q-3 and Q-4 with lower sales.
Their Q-2 sales were down 26% worse than 18% down in Q-1. what was their excuse? in Q-1 it was frozen lakes and bad weather per srurf. Well what about Q-2 surf?? too much rain or too hot to ship..haha!! Give me a break. more. No one here bellieces yo and roy and solar any more.
They say they have reduced CAPEX and other expenses drastically but not showing up. They need to cut work force and other expenses drastically in addition to CAPEX, sell lot of non-core assets that require a lot of maintenance even when idle and pay down debt and lower interest expenses and shore up balance sheet and put more emphasis on domestic operations and its expansion. Being smaller and w/o all other INT assets , they will not have to compete with Seaborne IO pricing
New target for CLF is $9 and Moody and S&P may even lower their rating lower. I think come 7/29,.. CASA will take over the Board and selloff or spin off some assets and do all the above and make this Cleveland landmark company smaller but survive and prosper. Kirsch should resign Immediately. This stock ONLY then WILL get to $30 EVERYONE PLEASE VOTE FOR CASA IF NOT DONE ALREADY.. THX!
red..CAS will do every thing to get theirr money back and that includes big restructuring to lower the cost of IO, lower debt and improve finanaces of the company. This will help them and all the LONGS here too. Whats wrong with that?They are NOT cut out to compete with big boys like BHP and Rio and its best if they concentrate on domestic business and thats what CAS going to do.
Had Kirsch NOT be so arrogant and would had made GonCalves as a CEO and Give 2 seats to CASA on the Board, he would had avoided all this threat by CASA. Now he deserves what is coming to him and hope he is gone after 7/29/14. Kirsch is his own worst enemy.
People at CLF has NO or little respect for Kirsch and he is going to leave or booted out. CLF should close over $16 today and move up higher as Q-2 earnings date and meeting date get closer.
divine..why you bother what surf says. The Idea that the company or CASA is paying bashers to post messages here is so ridiculous , and a total nonsense. CLF or CASA don't even know any of these posts exist. They are too busy with their own huge problems about how to save their #$%$. Not only surf but solar and roy are all posting junk stuff here.
I am also sorry I invetsted heavily in this company and hope that if CASA takes over I get out with a little profit and NEVER look back. It will happen only if CASA takes over the Board and the control of the company. This company under Kirsch and Carraba lost 86% of value and many here still want them back. Give me a breakl. Vote for CASA . They will get CLF to $30 and we both can get out and NEVER look back.
In this modern age, its taking them this long to count the votes? Kirsch just doesn't want to admit defeat, lose control and want SH suffer as long as possible.. This stock will NOT go up until this MNGT is
punished, removed and new people can take the control. The stock is @ $17.36 instead $18 or over it should be.
IT's TIME for a CHANGE...CHANGE....and more Changes and Restructuring !! We must do our very best to kick out Kirsch and his cronies. Halverson has said very little so far ( Kirsch won't let him talk) and can stay and work under GonClaves.
Keep dreaming. Kirsch will find any excuses he can to delay the results of VoteTabulation and award his cronies big stock compensation as termination prizes plus big other severance packages at the expense of this debt laden money losing company.