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Starbucks Corporation Message Board

w999surf 330 posts  |  Last Activity: Feb 8, 2016 7:49 AM Member since: Jun 25, 2012
  • w999surf w999surf Dec 30, 2015 9:02 AM Flag

    Part of the problem here is that Magnetation was losing money under this contract and need AK Steel as a partner in the operation to absorb this loss. AK Steel has written off their investment in Magnetation and no longer support the operational cost. That leaves Magnetation supplying AK Steel and losing more money.

  • Looking at the 10 Q CLF has net liabilities (liabilities minus assets) of around $40 million PLUS $330 million in unfunded pension liabilities. So what is the final numbers? Did they strike a deal with the Union to reduce the unfunded pension liabilities as part of the labor negotiations? Earlier I was told that union concessions were needed to make this sale.

  • Reply to

    What is clf now?

    by lucetteo1 Dec 29, 2015 4:15 AM
    w999surf w999surf Dec 29, 2015 3:25 PM Flag

    Some of those losses can be carried back, majority will be carried forward. But you can figure they will make money on US iron ore and will not have to pay 35% federal tax and another 10% in state taxes. Not having that 45% charge and the drain from losing operations, they should be in a great position to post profits going forward.

  • Reply to

    What is clf now?

    by lucetteo1 Dec 29, 2015 4:15 AM
    w999surf w999surf Dec 29, 2015 2:18 PM Flag

    As I see it, since the coal and Canadian operations were operating at a loss, the removal of those assets and their liabilities alone will increase CLF's overall margins. Up to this point, US iron ore and Asia Pacific profits were used to cover these losses.

    I agree about needing more production and maybe we will see that from DR pellets.

    CLF has a sizable deferred tax benefit of almost $1 billion from the prior impairments, just not sure how that is realized. I read in their 10Q where they estimated their 2015 tax rate at 2.7%, but they stop short of estimating what they are expecting back in 2015. Guess we will find out when the year end numbers are reported.

  • Reply to

    Any Essar Algoma updates? Jan 16th is the date!

    by thedeathrace Dec 29, 2015 11:31 AM
    w999surf w999surf Dec 29, 2015 12:07 PM Flag

    Did you not read my response. If the Court approves the sale of BL, they will assume around $50 million in liabilities and pay $9 million in cash. So a mine that is not in operation and there is a question about their one client coming out of the CCAA, they don't have the value to cover the money they owe MN, let alone all the other liabilities and loans.

    Then you need to read the Chapter 15 motions on the Essar Algoma filings.

  • Reply to

    Any Essar Algoma updates? Jan 16th is the date!

    by thedeathrace Dec 29, 2015 11:31 AM
    w999surf w999surf Dec 29, 2015 11:45 AM Flag

    Essar Algoma is trying to push the court action against CLF along and is not getting much support. They are going to have to agree to prepaid spot prices now, or just shut it down.

    Essar MN liabilities are just to high to get a loan. All capital investors need to do is look at BL for the market value of iron ore mines. There just is no value in their operation to secure any new financing.

  • w999surf w999surf Dec 29, 2015 10:51 AM Flag

    What does your coal mine people say about the sale of the last two mines?

  • w999surf w999surf Dec 29, 2015 9:46 AM Flag

    I am here, no need to post when there is really no news out. Plus I have been working on sanding and finishing my oak floors so I am limited to being on the computer while it is dark. Anyway, no use to speculate on what LG s up to, just waiting for details. And I now refuse to respond to many of the postings here, would if it made a difference, but have realized posting here have absolutely no impact on the price of this stock.

  • Reply to

    No cash for coal mine sale??

    by lishe235 Dec 27, 2015 8:15 PM
    w999surf w999surf Dec 28, 2015 7:07 AM Flag

    lishe, it is simple, CLF no longer will be losing $30 million per quarter on coal. Furthermore he has eliminated past and future liabilities with the mine and the employees. Would have liked to see some cash out of deal to reduce debt now, but without the losses and liabilities, CLF can manage their current debt load.

    If seaborne iron ore prices fall further, CLF's US iron ore pellet prices remain at their current level. If seaborne iron ore prices go up, then US iron ore pellet prices will go up. So as I see it, CLF's US iron ore business has bottomed and if they are cash positive without the losses associated with coal and Canadian operations, the should be a good thing.

  • Reply to

    Merry Christmas to All...

    by vipinkot47 Dec 24, 2015 9:30 AM
    w999surf w999surf Dec 24, 2015 11:23 AM Flag

    Same to you and your family. Sitting here watching it snow, guess it is better than tornadoes.

  • Reply to

    Bloom lake sale info on FTI Site

    by ironorestrong Dec 23, 2015 8:16 PM
    w999surf w999surf Dec 24, 2015 8:41 AM Flag

    All of this is a starting point that will lead to final deal. Just like the Chromite deal, other interest and court action resulted in an increase in the final price and terms. The other bidders are likely thinking they can pick the mine up if they up the offer a little more,

    This is no more than an offer to buy, no different than if you place an offer with a Realtor to buy a house. And it is the Realtor's job to present the offer to the seller and try to sell the deal and secure their commission. This motion presentation reads just like a sell job and we must hope the seller, in this case is the court, sees through all of this.

    By no means is this a done deal, it is just an offer.

  • Reply to

    Bloom lake sale info on FTI Site

    by ironorestrong Dec 23, 2015 8:16 PM
    w999surf w999surf Dec 24, 2015 7:21 AM Flag

    It is a motion for the court to approve. They make a good case to stop the expenses that are draining cash and the elimination of all future liabilities. But the big one for the government is getting the employees back to work. The CCAA still has the port facilities, the pellet plant and the main component of the rail system needed to move ore to the port.

    The court should take action on this motion in a month or so and closing will take place 60 days after that. It is clear CLF is interested in removing future liabilities and the government is interested in getting the mine in operation.

  • Reply to


    by nicknuthals Dec 23, 2015 10:14 AM
    w999surf w999surf Dec 23, 2015 12:41 PM Flag

    Please, SEC filing on BL? Is the SEC now running the CCAA process up in Canada? How do you dream up this stuff?

  • Reply to

    That was a BS press release

    by my2cows Dec 23, 2015 12:15 PM
    w999surf w999surf Dec 23, 2015 12:33 PM Flag

    I believe the deal closed today which information had to be released. We will see the impact of the transaction in the Q4 release. But for all the shorts that want to spin it as a negative, I say let them short the stock and hold onto their short positions.

  • Reply to

    Anybody watching the bonds today?

    by clfcomeback Dec 23, 2015 10:09 AM
    w999surf w999surf Dec 23, 2015 12:07 PM Flag

    The are not going to get that much cash, however without the losses they posted on coal operations, they should be cash positive from now on. Then without the future liabilities, CLF could reduce their cash reserves accordingly.

  • A bigger story today for CLF could be the turn in iron ore. Without the losses and liabilities in coal, CLF can realize greater profits from US iron ore.

  • w999surf w999surf Dec 23, 2015 10:07 AM Flag

    If all liabilities include pensions, this will be a long term win for CLF.

  • w999surf w999surf Dec 23, 2015 8:13 AM Flag

    It has been LG's strategy all along to trap as many short as he could and buy back debt at the lowest price. I would not be surprised if he is not playing a game with Champion to make them think they have a chance to pick up the BL assets at a steep discount.

  • Reply to

    Surf and OHT are both quiet

    by clfcomeback Dec 22, 2015 6:48 PM
    w999surf w999surf Dec 23, 2015 7:57 AM Flag

    I am not Jeff. My business as a personal home improvement trainer is taking off where I help people achieve professional results with any home project. It leaves little time for me to finish my own house so I have to spend less time running my investments. Right now I am finishing my hardwood floors and am in trouble with my wife as it doesn't look like I will be done for Christmas. So I have limited my time here to the morning hours before the sun comes up.

    I had a feeling that CLF would sell the coal mines at the end of the year, thought it would be to Coronado for much less than they sold it for. It was a pleasant surprise. Based on information I have found, BL has multiple bidders and we may see another surprise on that front. I just hope LG was able to buy bonds prior to announcing the coal sales, guess we will find out when Q4 results are out. With $250 million out of BL and the coal sale, CLF could retire $1 billion in debt which would put their total debt near the very manageable $1.5 billion level.

  • "IRJ – The Bloom Lake iron ore mine in Quebec, owned by Cliffs Natural Resources, has been generating interest from several potential buyers.

    Those interested include multinational mining companies and investment funds, although the identity of the would-be buyers has not been released for reasons of confidentiality.

    The mine at one time employed about 600 workers. There are currently only a handful of people working on the site, primarily carrying out maintenance responsibilities."

    Champion may indeed be the buyer of BL, but it not a closed deal until the party in charge signs off on it. So far it is just talk between Champion and the sales agent for the CCAA and you know how Realtors are, they will say anything to keep a buyer interested and play all parties against each other.

    But one thing I have found is that there is a relationship between Champion and Quebec to open up a cost effective transportation network in the area. So this Champion offer could be part of a bigger picture. We just don't know until the CCAA acts.

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