It was filed late on 4/11, form #DFAN14A. Touched on a few issues from CLF delaying the annual meeting, identifying people they are electing, proxy process.
Thanks, confirms the industrial production number was good and that firms holding iron ore will not sell when there is a market over reaction.
All the numbers that have come out would make GDP over 8% except for the huge drop in exports which were influenced by outside forces. I hope that the market will take that in account and factor in a margin of error when it is released.
Stayed up to catch this number, could not make it to when iron ore futures were updated to see how they react to the production numbers. The heavily traded May contract is up 25 yuan or about $4. The market is seeing this miss as China being a little soft and not the big slowdown everyone feared after the drop in exports.
Up 8.6%, estimates were for 9.5%. While it is a miss, it does not match up with the big drop in exports reported the first of the week. Australia shows a huge gain in employment. India's industrial production beat estimates.
"The loan practices have artificially inflated the iron ore price as demand for collateral boosted imports, which lead to average prices of $130 to $135 a metric ton at the end of 2013, IG Markets Ltd. said yesterday in a note. It’s believed most of the inventory purchases are unhedged so margin calls are rising and losses are mounting, IG Markets’ strategist Evan Lucas said in the note.
While this could see inventory-dumping as losses become unsustainable, Lucas said it’s more likely as traders default the inventories will be taken control of by banks who are unlikely to dump the cargoes until the market recovers."
Iron ore price dropped on the fear of dumping margin called iron ore taking the price down too far. The price will recover to where the banks will sell, my guess is around $120 to $125 based on a loan of 90% loan to value.
I believe it was used to pay off a bond that was due. Also it was used to build cash. At the time, it was the best option to get out of the bind they were in. But now that they have paid off their revolving credit line and built their cash to $330 million, it is time to purchase back these shares over the next year.
I am sure they have, but think of this like Survivor, you can talk all you want around camp, but only counts when you write the name down.
I am surprised that CLF has not responded to CAS in a filing with the SEC today.
I think this is why CAS filed their intent to solicit proxies with the SEC, test the water to see how many of the funds will sign on with them or how many more shares they need to purchase to give them the advantage. It is clear they are not sitting on their thumbs and CLF management would be wise to get off their thumbs now. CLF still has time, very little though and how they handle it may sway the funds one way or the other.
CAS is looking to start collecting proxies before the annual meeting date is announced. I am sure they will be giving CLF updates to build pressure to act now. CLF management really should not wait and start putting together a program that will satisfy CAS to the point they back off.
you get a lot of media coverage. Today alone HLF and TSLA have had well over 45 minutes of TV coverage on CNBC. HLF should have been slammed by the FTC investigation, but are slightly down. And TSLA is coming across as the victim in the NJ ruling when TSLA is the one going against the law, their stock is up.
It is because they understand what the analyst don't, people need money to increase consumption.
Watch Chinese industrial production numbers tonight to give you direction of the market. The export number was influenced by other factors outside the real export business. If the industrial production comes in close to the Chinese target of 10%, then we should see iron ore prices recover to levels prior to the release of the export numbers.
Many day traders take profits at 1:30… Never understood why, but have noticed the pattern. What to watch is for a pick up in volume and price at 1:45.
It is good to see that others have realized the actual business structure. This something that CLF's management should have been getting out to the market long ago through targeted contributors on CNBC and other business news media. Me and "troof" saying it here does not get the coverage that is needed to make a difference. Although I do fault CLF's management for not reviewing this message board on a regular basis, many here provide great analysis and insight.
Good news, China's manufacturing production numbers are coming out tonight, maybe we can add more tomorrow.
PR is really simple and most effective not presented by the company. The majority of all those contributors and guest on CNBC are paid by a company or group to present "their views". So all CLF needs to do is hire a handful of these people to present information like this with a slant on CLF and their future chromite position.