SB IO price @$61.20 up 2% on early morning on 5/26/15. China is interested in a partnership with Aussie Fortscue IO Mining Company. Hope the Shorts get Royally screwed in the days ahead. IO will get to $70 by the middle of the Summer.and CS, BAC, WFC, MS, CiTi, Numora, UBS,Seeking Alpha, Barrons' and WSJ who are bashing CLF for years will fall flat on their faces , and lose a ton of money and hope DOJ punishes some of these Investment Banks HUGE for shorting some 74 ml shares.
The mantra for the CLF is that They MUST Reduce DEBT by any and every means.... Until then Short Interest will remain HIGH and stock will fluctuate between $5 and $6.. sell Coal Mines, solve BL and cut Preferred Dividend in half to $26mil and Buyback some shares.
Expect to see a V-shaped recovery in High-Cost (HC) IO as Chinese producers of HC IO with MFG cost of $80-$90 can not compete and closing their plants. This will be a big PLUS for CLF as they are in HC IO and Now also break ing into high technology DRI pellets.
CLF stock has a habit of dropping faster than moving up due to huge number of Shorts. But the trend may be reversing now as and if things begin to fall in place.
Entire Consolidated Thompson(BL plus Wabush,rail etc)will bring NO more than$500 mil after all the creditors are paid..still not bad..It will help reduce debt under $2.0B
surf.. If true some announcement may be coming after markets close. It is also likely that LG could not buyback shares till BL bidding or lettersof interest for bidding was closed . CLF stock is moving up a little.
HAHA..... may be there is some truth.. Stock moving up a little. It is Likely that LG could not buyback any shares pending BL bidding outcome.
Right or Wrong... the stock is moving up a little from its Low today.. now @ $4.95 still down today.t
lishe.. $1 B seems believable but $2B-$3 B? WOW!! That can almost recoup most of the bad investment by Carraba/Kirsch in Consolidated Thompson which covers Wabush and BL mines.
If this is true $2B-$3B.... its a huge win for CLF and LG on such great news. I doubt it as stock would had been either halted or moved up 10%-15% or even higher. Lets wait and see what is the real bid. Hope its NOt a Hoax like AVON bid. If true, there might be some related news on CNBC and Bloomberg..but see
And he has a lot of power to pass the legislation of putting a TARIFF on imported Steel and passing also a legislation of spending some $200B -$300 B on INFRASTRUCTURE ( fixing crumbling roads, bridges, railroad tracks and Fed buildings etc.) using only US manufactured Commodities like Steel, Copper , Zinc, Cement etc. Republican dominated both House and Senate can easily pass them. This can help increase Steel production for many Steel companies that have MFG facilities in Ohio and also the only pure USA and OHIO IO company CLF. which produces IO that go in making Steel. Please send an email to The Speaker.
I saw it at some place and will have to find it. Try search " Today's IO Price" on Google search engine and then click on the website of MacroBusiness and see if its there.