CLF is making money on USIO,APIO and MET Coal and only losing big on BL mine... whats Foking problem then? just close down the Damn thing or put it in Bankruptcy and happy days will be here again. So why he is NOT doing it . He said he will have a resolution on BL mine by the end of 2014...wait a minute .He still has about 3 weeks left in 2014. Is he going to surprise everyone Long and Shorts by getting rid of BL before the year is over???????????? these are very TROUBLING ISSUES and we must wait like peons.
very true surf... LG talks big but NO Action. Just BL closure can turn around stock so fast.. $230mil plus yearly loses of BL [$35/ton loss x 6.6 mil ton] wipes out any profit. Analysts still expect CLF to report $018 earnings for Q-4 ,2014.
US Steel put their Can Subsidiary in BK once and wrote off $2.4B w/o affecting the parent US company and see how prosperous they are . CLF can do the same. Actual cost of putting E Can Mine in BK will cost much less around $300-$400 mil ( because of No liability after being BK) vs Just closing down BL mine which will cost some $600 mil. LG needs to do one way or another fast to save CLF's stock price.
oht.. things are different now. They said in their Q-3 E report that they made $35/MT gross margins in US Operations when IO was @ $75/tonne.. that is like $830 mil gross profit, and another $10/MT on joint ownership with MT and US steel for 7 mil tons and that is another $70 mil.. a total of $900 mil and additional small profit from AP and MET Coasl Operations.. enough to pay down debt and pay interest ,dividend and S,G &A expenses and have a lot of cash still left... if they do not have to include $250 mil yearly loss from BL mine.
Remember their CAPEX are down from $862 mil in 2013 to now $250 mil and may go down even more if they close down BL and SG&A expenses are down also by $90 mil. All this should help USIO business if they do foking something about BL mine by the end of the year.
Their est E, for Q-4 are as of now $018 but can go as high as $0.50-$0.75 if they get rid of BL mine... my 2 cents worth. I just don't understand Kirsch or LG.. why they are destroying this once a fine Cleveland landmark. It doesn't take a rocket scientist to know what CASA and LG MUST do and stock can get to $20 with right strategy in spite of SB IO @ $70. LG said he wants NO-PART of F SB market .
Stock will pop up big time if they close down BL for good. .LG can't be wishy-washy. HE MUST MUST act fast on BL before the year is over.
LG don't have much time. CASA said they will sell all the non-core assets very shortly after they take the control of the company. its Now 4 months and only thing they sold is one Coal mine. The biggest Foking drag is BL mine and until something they do about it, this company stock will NOT rise. They should also sell other 2 coal mines and APIO and use proceeds to reduce debt and buy back discounted notes.
me too.. though my breakeven price is $16.5 now. I take a little loss and move on and never ever look back to this #$%$ stock.. LG needs to act fast on BL mine.
rsp... Thank you for kind words.
LG needs to announce when they will separate BL from the parent company and take the closing cost and forget the BL that is draining CLF's cash Flow. He said in November he will act by the end of the year and only 3 more weeks to go in 2014 now.
Commodities prices , especially IO is beginning to move up a bit now around $71. So except BL mine, all other CLF operations USIO, APIO , MET Coal are cash flow positive . I don't understand why this foking POS is down over 6% suddenly today@ 7.46. Could Never count on this stock.. down now over 92% from its high and CASA was bashing Kirsch and previous MNGT when it was down 85%. Giv me a foking break.
carl... good point..send Goncalves an email and tell him also CLF must CLOSE BL mine before the year ends. Its a huge DRAG on Earnings.
In next 6 months? They don't have time . CLF and LG MUST MUST act by the end of this month on atleast BL mine's CLOSURE resolution. Nothing good will happen till then.
When when BL BK or closure will happen? LG said by the end of this month. But I see No indications as of yet? All other CLF operations are CF Positive.
Only Ecan Mines will be put in bankruptcy.. NOT the parent company. and they will save huge money getting out of E Can and never will HAVE TO LOOK BACK. CLF's all other operations are CF positive.
But this POS keeps going down. No good news help this company ..it seems. They must put BL in BK or close it down in any other way. Until that happens, this Dog will not move up.
I am writing covered spread Calls..ie Sell weekly $18.5 Calls and buy $19.5 Call . If Called away, do the same with weekly Put Spreads..like sell weekly $18.5 Puts and buy weekly $18 or $17.5 Puts. Good way to make some money with OPTIONS while the stock is in the dog-house.