I doubt if the BOD will renew the buyback. LG had a golden opportunity and still has it till 12/31 for a cheap buyback of some 30mil-40 mil shares.
LG is arrogant and stubborn. He will let the $200 mil share buyback deadline of Dec.2015 go by w/o doing any buyback and SH will continue to suffer.
And Not much will happen till we hear some big Infrastructure proposed by the Congress, or resolution to CCAA and Met Coal mines sale or IO price begin to move up..that simple At least CLF will save $51 mil/yr in Pref. Dividend after the one last payment which is like $0.35/sh
Happy Thanksgiving to All!! A huge Infrastructure spending will raise US Steel ,copper and IO prices and also will boost their SP.
To fix crumbling roads, bridges, tunnels etc. using US manufactured Steel, IO, Copper, cement, brass etc. This will also allow some inflation that FED is looking for to raise rates
MET Coal mines are better than Thermal coal mines . So if BTU can sell their Thermal coal mines , the question is why can't CLF sell theirs?It seems more and more that LG just DOESN"T want to sell unless he gets his price which No one knows. Beggars can't be choosy but He keeps giving excuses and Shareholders suffer.
CLF is the only US IO company and Justice Dept . will not allow it to be purchased by outsiders like Vale, Rio or BHP
Tell LG to stop buying new IPhones and computers for the employees, and cut back all the perks, raises and bonuses. Stop expansion of plants and cut CapEx drastically and Use money to buyback shares.