ecart.. you are too bloody harsh. but you are right. This is an over 100 yrs old Cleveland Landmark Co. and not disappearing just like US Steel is a Steel Icon .
Any Company is a High Cost Producer if the Gross Margins don't cover Expenses including Interest .
CFO is the most IMP person in the company. Look how great Google's CFO RuthPorat has done.. cut cost so drastically and creating LT value that when they announced earnings stock went up over 70 points. CLFcan do the same.
Then LG should try to raise Gross Margins. and How? By More cost cutting.. No more new Stuff unless absolutely needed. Repair machines instead buying new ones
I was amazed at the report about Wounded Warriors Charity program on TV last Night. and was so mad that their MNGT spent lavishly spend money on meeting and spending money on them selves with stay at 5 star hotels and expensive dinners wines,travel and more rather then on helping wounded war returnees.
IMAGINE...By continuing ongoing SG&A Cost cutting and limiting CapEx . They MUST expand US IO sales and Margins. Tariffs and Infrastructure will help and they must take advantage of it. Pouting will do Nothing, get rid off other assets and generate cash to pay down debt.
CLF SP down over 5% @ $1.44 and Dow down 155 points.. any co-relation or just Earnings related? It doesn't take a rocket scientist to fix this company. its very simple..
Expand US IO pellet operations w/ great Sales personnel
Develop DR pellets relationship with NUE Steel
Keep cutting SG&A, CapEx, Interest and DD&A expenses and get rid of IR Dept.
Cut down Debt with Bond Exchange and from Cash Flow.
Expedite BL CCAA Process and sell Ports and Railways and get some cash to use for debt reduction
You will have to wait for whole this year to take a Tax write-off. You can wait out for a while and still sell any time later in the year and take a write-off when SP likely may go up a bit. CLF is in a much better position now than ever in last 2 years..A CLEAN SLATE
mrkt.. Don't throw in a towel now. You can hardly gain anything but huge loss. Wait for another QTR now that CLF is out of BL and NAC and T ariffs on cheap Steel Imports are coming along with
$300 B Infrastructure. THEWORST MAY BE OVER FOR CLF..IMO
nick.. Thanks. I am just as disappointed as all of you Longs. But I hope LG is doing something right about all the mess he is trying to get out that the previous Carrabba and Kirsch MNGT got us in
Oh Bro... shorts are now ready to attack SP now but the stock price holding steady. LG once said in CC soon after he took the control that its going to take 2 years to straighten out and clean out all he mess this Company is in. He may be right and this may be the beginning.
And Not half empty. Optimist that this Company will be lean now and need to start from scratch as a new beginning. Hate to keep waiting for Another QTR. LG has a lot of work to do with revenues down so much (54%) and still a lot of Expenses related to Interest, SG&A, CapEx, DD&A.. How to line up expenses with the revenue and report profit will be the biggest LG's problem
This is NOT Good. LG Should and Could had done a lot better. SP value is getting slammed so bad. Hope this is the end of all the bad stuff cleaned out now and LG makes a new beginning with smaller and leaner and meaner corporation with mostly US Operations.