These bloggers on MF are being paid by special interest to publish their position. Most investors have figured this out, now if only Yahoo Finance would get it and kick them off their site, the world would be a better place. And Seeking Alpha is not much better!
Only a small percentage of CLF's production is tied to MSB. And when CLF cuts production, they cut it from MSB property first. With the freeze in Q1 and the first month of Q2, they cut MSB the most.
In Q1 they LOST money on taxable income, yet they managed to increase cash and net current assets as well as cover the dividend. Have you looked at their increase in depreciation, depletion and amortization cost? Do you realize those NON Cash impairment charges are amortized? All of those non cash goodwill charges are designed by the IRS to use future tax deductions to allow the companies to create cash.
I have asked many times on this board for anyone to explain how they increased cash, increased inventories by $300 million and increased their short term debt by $180 million during Q1 and posting net income loss of 50 cents a share. The only way they could have done that was to carry cost forward that should have been deferred until Q2 when the inventories were sold.
I am not making any guesses on what Q2 earnings are and really don't care. I am thinking they will increase their cash by at least $100 million and reduce their inventories from $600 million to their normal average of $300 million. From the sale of $300 million of inventories that they have cost out, I hope they announce a stock buyback of at least $200 million.
PR Department can only cut and paste! Why could they address something like the new tariff on Korean steel imports into the US? Show us that the PR department wants to get out in front of positive news for CLF. Do some projections on increased US sales and the revenue it will generate for CLF. Then what CLF plans to do with that extra cash, like pay down debt.
CLF is really working hard to lose this proxy fight. At this point I would be willing to work for them for a dollar just to get them on track.
This industry is headed for consolidation and at some point consolidation of this industry will happen and the big players will want to have a foothold in the US market. One of them will step up and buy CLF out within the year. Good luck to all and will be back after this stupid proxy battle is done.
with all this bull with Casablanca, would rather read the junk on the HAL board. I am switching to WLT now as the market is more focused on the fundamentals and not all the political banter. If CAS gets kicked aside, I will be back as market conditions will trump stupidity.
They should be announcing the terms of the Bloom Lake JV, guidance may be positive with reduced expenses and debt reduction.
And yet CLF management just sits on their hands. They should be in the trenches building the exact same case you are doing. Instead, they keep releasing the same long proxy statement and presentation.
Yeah, TCK is making a nice move and even my new favorite day trade WLT is positive… still no move or volume out of CLF. Maybe after 2 PM?
My vote has nothing to do with what is said on this board and no one should take the advice of those that solicit votes here. What people should watch is the shift in how the iron ore business is being conducted and how it should be done in the future. I believe the moves CLF is currently making and what they are planning to do will make it stronger in the future. And it will be a long time before any company over pays for assets. The industry will dictate the path CLF takes in the future and I believe the current CLF management or CAS will take the same path. I also believe the future growth is in the US as manufacturing continue to move back with the high cost of transportation and the lower cost of production due to technological advances.
They should be DRI balls, when they get wet, they burst into flames.
If he can do that, maybe he should be CLF's CEO.
Seriously, CLF should be looking at their entire PR department and fire them all. Lemonis and Crumbs can get national attention by working their media contacts, CLF should be able to get half of this attention with the current proxy battle going on. Instead we have the PR department working the phones calling a handful of shareholders.