I did not read the press release but read what you said here. MN state should not loan any money to ESSAR.. my opinion
surf.. I agree with all you saying but LG is NOT doing it and NOT expanding US IO Operations which is a real bread and butter for CLF, and No news on asset sale and BL outcome . I hope he can surprise us in CC with some great news.
Down over 5% @ $2.66 on the news of possible closing of Minnesota Mine. CLF needs to expand US IO business to survive instead closing. LG talks a lot but No action. If he doesn't deliver on Q-3 , the SP may go under $2.
Upgrades by TR and ME are the first in last 12 months. ME actually has gone all the way from AVOID to LONG. I bet earnings will be positive for Q-3.. now 10 days away plus may be some other surprises. Stay tuned.
Glencore taking an aim to cut debt by $10 B or more from current $30B to under $20B to improve the credit rating which is currently just 2 notches above the junk status. Per today's WSJ article, it will reduce debt by cutting cost, asset sale, Streaming bids(?) and other other moves.
Sounds familiar???????? Haha... CLF should do MORE OF THE SAME to reduce its debt.
i said the same thing before. US IO is their bread and butter to make earnings, reduce debt and enhance SP. They need to sell at least 25 Mil Mt annually in USA and CAN markets. CEO and CFO need to realize this ASAP and FOCUS on it and get rid of other damn losing assets and keep lowering SG&A and CapEx expenses.
The Q-3 earnings report followed by the CC and what LG has to say going forward, will speak
volume for how CLF gonna perform in future.
These are the more critical Analysts whose advice many Shorts and Longs follow. All four were very negative on CLF for a very long time and two of them just turned positive finally . It may mean they may be knowing something that we don't yet know on CLF's s earnings , asset sales etc
Thompson Rueters.(TR).... ........,.......... Negative to Neutral(upgrade)
S &P Capital IQ...................... .............. 2* ( No Change)
Smart Consensus report...... .... ........... Still Sell
Market Edge (ME) Second Opinion..... ..Sell to all the way Long (upgrade)
TR and ME may know something?
There may be some announcements about good earnings, and may be about sale of assets on 10/29/15 ?
nick ..you are flat out wrong in your BL IO cost.. LG said in Q-4 CC that CLF is shutting down BL and putting it in Bk is because its IO production cost is $80/Mt and cant compete in this low IO price environment. If you don't believe me Go back and read his CC minutes. Only way BL can be Profitable is if IO price is over $80 plus or Canadian Gov. subsidize it bearing railroad and other transportation cost and more.
BL IO cost is around $80 plus while US IO cost is around $55 and can not compete. This is why CLF had to shut it down . Whoever buys BL can sell IO in Canadian markets with subsidy from Quebec Gov. Hope LG takes what ever money is offered for BL sale and runs with it and uses the proceed to reduce debt.only. He needs to concentrate strictly on US IO Operations and MUST increase sales. With Coal mines and BL gone, their CapEx can be as low as $50 mil and SG&A well under $70 mil . With Pref. Dividend gone in another QTR,, CLF can live withing its means and lower debt additionally by $100 MIL EACH QTR till paid off from each QTR's earnings. This is the Best Option. Unless CLF is on a recovery path, it will trade in $2 to $5 range.
CLF SP drifting lower every day ..now @$2.85 and MNGT remains callus and totally out of touch with shareholders..and NO disclosures about any thing. Top MNGT people MUST take big haircut.
It will NOT happen. Shareholders will not allow it to be sold.. I don't understand what CEO and CFO are thinking. We need asset sale bad and CCAA resolution of BL mine, reduction in debt and more business for US IO.
Hopefully, LG will have some good news to announce in the CC for Q-3.
CLF is an easy turnaround as it has a near monopoly in US IO
market. Its sheer stupidity and lack of visibility by MNGT that Drives Hedge funds and others to Short this stock.