thedeath...do you know the date of SH meeting? Please post if you know.
Now #$%$76 up 6.5%. I think Shorts are slowly and quietly getting out w/o announcing, because they are afraid that worse for CLF IS over. LG has produced Earnings for all last 3 QTRs. ..Q-3 and Q-4 14 and Q-1 15. while he has been with Company. Scare tactics won't work any more.
mle .. BHP and Rio need to realize that you can make more money by selling 170 mil tons of IO @ $70 than selling 200 tons of IO @ $50.. its a simple 3rd grade math and these CEOs of Rio and BHP needs to realize that.
matt...Good news..if true. Hope Rio and BHP listen to Vale and do the same.SB IO price should at least be around $70/ton
mle..Gracias... No matter what others say here, I think worst is behind for CLF and LG has the right strategy to move forward. I only wish he will sell Met Coal business soon.
It may reduce the debt to around $2.0B and then they will have only APIO out side of USA which is still profitable.The best part of this is that It will also reduce CLF's all expenses (Interest, SG&A, CapEx,) and improve the Balance Sheet and Cash Flow. CLF should also aggressively pursue expansion of IO pellets sale in this country with steel companies that use expensive scrap steel in the manufacturing of steel per surf.
adb and surf.. Any idea of time frame on the complete resolution of BL mine. such that CLF doesn't have to look back period... 3 months..6 months or a year or longer?
Asset sales can bring in $500mil tihat can reduce debt from $2.5B at the end of Q-1 to $2.0B. But once those assets are sold , CLF can concentrate on improving and expanding US IO business. If that happens, they can afford to pay down debt by least $100 mil every QTR ie $400 mil per year and they can pay off all the entire debt in 5 years. As debt is reduced the interest expenses will go down and as assets are sold , CapEx and SG&A expenses will continue to go down. This can significantly improve the Cash Flow and earning and stock price.
Huge debt is all Carraba and Kirsh doing and to reduce it meaningfully will take time.