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Cleveland-Cliffs to idle its largest blast furnace for planned outage
https://www.nwitimes.com/business/local/cleveland-cliffs-to-idle-its-largest-blast-furnace-for-planned-outage/article_d47db99e-dc4c-59f0-a082-f4b82eba7c2b.html
A simple fix. Vote out all DEMOCRATS.
Let's see if the shorts get it below $24.
Fast-paced Momentum Stock Cleveland-Cliffs (CLF)
https://www.zacks.com/stock/news/1772324/fast-paced-momentum-stock-cleveland-cliffs-clf-is-still-trading-at-a-bargain
“Looking ahead, we remain bullish on Cleveland-Cliffs as the company continues to optimize its large domestic steelmaking footprint and HBI asset and has brought a new commercial discipline to the integrated model,” Mining.com reported Woodworth saying in a note to clients. “It’s important to note that Cleveland-Cliffs has significant upside potential across its contract portfolio, entering 2022 with ~30% of annual contracts set to reprice in 4Q-21, which were settled lower in the prior year period.”
https://sportsgrindentertainment.com/should-investors-follow-redditors-down-the-cleveland-cliffs-path/
Just the beginning.
Cleveland-cliffs Inc CLF Pivot Points
JULY 30, 2021, 12:00 PM ET, BY RICK O. - CONTRIBUTOR | EDITOR: THOMAS H. KEE JR. (FOLLOW ON LINKEDIN)
Source: Stock Traders Daily
Longer Term Trading Plans for CLF
Buy CLF over 22.56 target 25.76 stop loss @ 22.49 Details
Short CLF under 25.76, target 22.56, stop loss @ 25.83 Details
Swing Trading Plans for CLF
Buy CLF over 25.76, target n/a, Stop
Loss @ 25.69 Details
Short CLF near 25.76, target 24.03, Stop Loss @ 25.83. Details
Day Trading Plans for CLF
Buy CLF over 25.76, target n/a, Stop Loss @ 25.7 Details
Short CLF near 25.76, target 24.29, Stop Loss @ 25.82. Details
https://news.stocktradersdaily.com/news_release/1/Cleveland-cliffs+Inc+CLF+Pivot+Points_073021120001.html
Cleveland-Cliffs enters technology testing partnership with U.S. Department of Energy
Updated 12:30 PM; Today 12:01 PM
??Cleveland-Cliffs Inc. is entering into a new technology testing partnership with the U.S. Department of Energy with the goal of reducing the manufacturing sector's carbon footprint. (Cory Shaffer, cleveland.com)
By Sabrina Eaton, cleveland.com
WASHINGTON, D. C. - A Cleveland company that produces a third of the nation’s automotive steel will partner with the U.S. government to test new water efficiency technologies designed to help manufacturers reduce their carbon footprint.
U.S. Energy Secretary Jennifer Granholm and U.S. Rep. Marcy Kaptur announced the partnership Friday between Cleveland-Cliffs Inc. and the U.S. Department of Energy’s Advanced Manufacturing Office.
“We are going to help invent the future,” Kaptur declared. “This is the beginning of a new industry.”
Cleveland-Cliffs was one of five companies the Department of Energy selected to each receive roughly $300,000 in federal technological assistance to test new energy efficiency technologies in real-world industrial environments. DOE will pay for experts led by the U.S. National Laboratories to examine how well the technologies work and make their reports publicly available for researchers devising future ways to save energy.
“We know that the global market for clean technologies is going to reach at least $23 trillion by the end of this decade, and President Biden wants America to corner it,” Granholm said in an online news conference. “We have an opportunity to revitalize American manufacturing, to create good paying union jobs for Americans to build these technologies.”
Cleveland-Cliffs Vice President Patrick Bloom said his company, which is North America’s largest producer of flat rolled steel and iron ore pellets, will test two water technologies. One will evaluate electrochemical water treatment technology of cooling towers for increased water energy savings, and the other focuses on using electrochemical reactions instead of traditional chemicals to treat wastewater. He said the work will start this August.
“Cleveland-Cliffs looks forward to deepening its partnership with the Department of Energy, with an eye toward development of breakthrough technologies that will support the next century of steelmaking in the United States,” said Bloom, adding that the company will likely play a key role as Biden pursues modernizing the electrical grid and electrifying the nation’s vehicles because it is North America’s sole producer of electrical steels.
Other companies participating in the Department of Energy program are South Carolina’s Schneider Electric, which makes motor control centers, Wisconsin’s Ahlstrom-Munksjo, which makes fiber products like tea bags and face masks, and Mississippi auto plants run by Nissan and Toyota.
All the projects will be led by DOE’s Advanced Manufacturing Office, part of DOE’s Office of Energy Efficiency and Renewable Energy (EERE), which invests in manufacturers, not-for-profit entities, research organizations, and institutions of higher education to develop cutting edge technologies to help domestic manufacturing reach a goal of net-zero greenhouse gas emissions by 2050, and to create new energy economy jobs. The DOE says the industrial sector contributed 23% of all greenhouse gas emissions in 2019.
“All of this work is going to make a massive difference in tackling climate change,” said Granholm.
BOOM. $25.
NEXT STOP $35
Cleveland-Cliffs Inc. shares are closing in on important technical levels. The technical chart pattern suggests that the currently tested resistance will be broken and new upside potential arises while volatility is likely to increase. Investors could get ahead of this signal in order to benefit from a better risk/reward ratio.
https://www.marketscreener.com/quote/stock/CLEVELAND-CLIFFS-INC-37488524/news-strategies/Towards-the-breakout-of-a-major-resistance-level-35998106/
Shorts don't like buy backs. $25+ coming.
Sunstone Settlement Effective: Share Return Reduces Stock Float by 6.4%, Release of Lien Allows KAYS to Sell Warehouse Property for Cash Influx of up to $0.10 per Share
Proceeds of Sale to be Used to Advance U.S. and Overseas Projects and Strengthen Balance Sheet.
Ft. Lauderdale, Fl., July 28, 2021 - Kaya Holdings, Inc., ("KAYS" or the "Company") (OTCQB:KAYS), the first U.S. publicly traded company to hold and operate state-issued “touch-the-plant” licenses for the retail, cultivation and production of cannabis, announced today that it had concluded a settlement with Sunstone Capital Partners, LLC, Sunstone Marketing Partners LLC and Bruce Burwick, the principal of Sunstone and a director of KAYS, regarding the failure to deliver to KAYS the Oregon Cannabis Production and Processing Licenses that were part of a warehouse purchase transaction in August 2018.
Pursuant to the terms of the settlement, Bruce Burwick surrendered to KAYS 1,006,671 shares of our common stock issued to him in connection with the transaction (800,003 shares which were issued for the facility purchase, 166,667 shares which were issued for $250,000 in cash and 40,001 shares which were issued as annual compensation for Burwick serving as a director of KAYS). The shares have been submitted to KAYS’ transfer agent for cancellation. In addition, the Company received clear title to the warehouse facility, which enables the Company to sell it without restriction.
As part of the settlement, Burwick received $160,000 from the net proceeds of the sale of the facility’s grow license to an unrelated third party, resigned from the Company’s board of directors and agreed to work as a non-exclusive consultant to the Company for the next four years for a yearly fee of $35,000.00.
“Now that the settlement has been concluded, we have engaged a seasoned commercial property broker to list the property,” stated Craig Frank, KAYS CEO. “We intend to use the proceeds of the sale to propel progress in our U.S., Israel and Greece, as well as improve our balance sheet. Projects we plan to focus on include launching Kaya Harmony™ – Kaya Farms™ U.S.A., introducing a number of consumer product brands, redesigning our Kaya Shack™ stores, launching CBD brands in Europe, and acquiring land in Israel through an Israeli government tender program.” “These steps,” concluded Frank, “will position us to increase revenues, lower our cost of goods, and allow KAYS to further implement our global expansion plan.”
“I am very pleased to assist with implementing the settlement and look forward to seeing the subject property sold and the funds received by KAYS,” commented W. David Jones, Senior Advisor to the Company. “If the Company completes a sale of the facility near the targeted price of $1.625 million (which is supported by comparable industrial property sales of like properties in the area), we would see a cash influx of up to $0.10 per share, while at the same time reducing the number of shares outstanding by 6.4%. This type of negative-dilution, increased cash reserves event is highly unusual, and we would hope the market will recognize it appropriately.”
New Logo & Website
In addition to the foregoing, KAYS is pleased to announce the unveiling of its new corporate logo and launch of the new Kaya Holdings corporate website (www.kayaholdings.com). The Company’s new logo and website provide an improved representation of our team, operations and global expansion plans, as well as an enhanced investor portal.
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The new Kaya Holdings website (www.kayaholdings.com) has updated information on all of our projects including Kaya Harmony (Kaya Farms Oregon),
Kaya Shalvah (Kaya Farms Israel) and Kaya Kannabis (Kaya Farms Greece).
*********************************************
About Kaya Holdings, Inc.- (www.kayaholdings.com)
Kaya Holdings, Inc. (OTCQB:KAYS) is a veteran U.S cannabis company with the historical distinction of being the first U.S. publicly traded company to hold and operate state issued, “touch-the-plant” licenses for the retail, cultivation and processing of cannabis.
Our operating philosophy is simple: consistently provide high quality cannabis products at fair prices in a friendly and convenient environment to a diverse group of customers.
Our strategic philosophy is patience: as Steven Wright so accurately pointed out, “the early bird may get the worm, but the second mouse gets the cheese”. We started in 2014 as the industry’s public pioneer and are pleased to have that distinction. Relying on our tendency toward patience, we elected to take the time we needed to successfully navigate a transitioning, highly regulated, massively hyped, growing and complex global industry, working toward establishing the fundamentals to support a global cannabis enterprise at a reasonable and sustainable cost. Our patience is paying off and we have launched our global effort, with initial projects in Greece and Israel.
Our business philosophy is proactive: while cultivating the right global opportunities built and mastered the essential cannabis fundamentals including commercial scale cultivation and extraction/infusion, strong brands, exciting retail, distribution channels, and access to technology. Now that the time to grow has arrived, we are rapidly acting to secure strategic global positions, measured capacity, penetrating distribution and qualitative/quantitative technology driven competitive advantages.
Important Disclosure
KAYS is planning execution of its stated business objectives in accordance with current understanding of state and local laws and federal enforcement policies and priorities as it relates to marijuana. Potential investors and shareholders are cautioned that KAYS and MJAI will obtain advice of counsel prior to actualizing any portion of their business plan (including but not limited to license applications for the cultivation, distribution or sale of marijuana products, engaging in said activities or acquiring existing cannabis production/sales operations). Advice of counsel with regard to specific activities of KAYS, federal, state or local legal action or changes in federal government policy and/or state and local laws may adversely affect business operations and shareholder value.
Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For more information, contact Investor Relations: info@kayaholdings.com or 561-210-7664.
SOURCE: Kaya Holdings
*********************************************
A copy of the Company’s latest filings complete with pictures, store information and other data as filed with the SEC is available online at www.sec.gov
Investor Updates:
To access KAYS News & SEC Filings, Read our Blog and see the latest updates on KAYS
please go to www.kayaholdings.com
Chairman, President, and CEO, said: “Given the strength of our business fundamentals and where our common shares have been trading, the buyback of the preferred shares at an attractive price was a no-brainer, highly accretive deal for our shareholders. We actually believe this transaction is even better than a common share buyback, because we acquired the entire tranche at a 20-day VWAP without making any noise in the market. The buyback is done, and the total cash spent is less than the free cash flow we expect to generate this quarter.”
Cleveland-Cliffs Completes Redemption of All Outstanding Preferred Shares with $1.2 Billion in Cash, Reducing Diluted Share Count by 10%
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has completed the redemption of the entirety of its outstanding Series B Participating Redeemable Preferred Stock held by an affiliate of ArcelorMittal S.A. for approximately $1.2 billion, or $21.18 per common share for the equivalent of approximately 58 million common shares. The redemption was completed with existing liquidity. The elimination of the preferred shares from Cleveland-Cliffs’ capital structure reduces the Company’s diluted share count by 10% on a pro-forma basis.
Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President, and CEO, said: “Given the strength of our business fundamentals and where our common shares have been trading, the buyback of the preferred shares at an attractive price was a no-brainer, highly accretive deal for our shareholders. We actually believe this transaction is even better than a common share buyback, because we acquired the entire tranche at a 20-day VWAP without making any noise in the market. The buyback is done, and the total cash spent is less than the free cash flow we expect to generate this quarter.”
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The Company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest supplier of steel to the automotive industry in North America. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada. For more information, visit www.clevelandcliffs.com.
Forward-Looking Statements
This release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: disruptions to our operations relating to the COVID-19 pandemic, including the heightened risk that a significant portion of our workforce or on-site contractors may suffer illness or otherwise be unable to perform their ordinary work functions; continued volatility of steel and iron ore market prices, which directly and indirectly impact the prices of the products that we sell to our customers; uncertainties associated with the highly competitive and cyclical steel industry and our reliance on the demand for steel from the automotive industry, which has been experiencing a trend toward light weighting that could result in lower steel volumes being consumed; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity, oversupply of iron ore, prevalence of steel imports and reduced market demand, including as a result of the COVID-19 pandemic; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges, due to the COVID-19 pandemic or otherwise, of one or more of our major customers, including customers in the automotive market, key suppliers or contractors, which, among other adverse effects, could lead to reduced demand for our products, increased difficulty collecting receivables, and customers and/or suppliers asserting force majeure or other reasons for not performing their contractual obligations to us; our ability to reduce our indebtedness or return capital to shareholders within the expected timeframes or at all, depending on market and other conditions; risks related to U.S. government actions with respect to Section 232 of the Trade Expansion Act (as amended by the Trade Act of 1974), the United States-Mexico-Canada Agreement and/or other trade agreements, tariffs, treaties or policies, as well as the uncertainty of obtaining and maintaining effective antidumping and countervailing duty orders to counteract the harmful effects of unfairly traded imports; impacts of existing and increasing governmental regulation, including climate change and other environmental regulation that may be proposed under the Biden Administration, and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorizations of, or from, any governmental or regulatory authority and costs related to implementing improvements to ensure compliance with regulatory changes, including potential financial assurance requirements; potential impacts to the environment or exposure to hazardous substances resulting from our operations; our ability to maintain adequate liquidity, our level of indebtedness and the availability of capital could limit cash flow necessary to fund working capital, planned capital expenditures, acquisitions, and other general corporate purposes or ongoing needs of our business; adverse changes in credit ratings, interest rates, foreign currency rates and tax laws; limitations on our ability to realize some or all of our deferred tax assets, including our net operating loss carryforwards; our ability to realize the anticipated synergies and benefits of our acquisitions of AK Steel and ArcelorMittal USA and to successfully integrate the businesses of AK Steel and ArcelorMittal USA into our existing businesses, including uncertainties associated with maintaining relationships with customers, vendors and employees; additional debt we assumed, incurred or issued in connection with the acquisitions of AK Steel and ArcelorMittal USA, as well as additional debt we incurred in connection with enhancing our liquidity during the COVID-19 pandemic, may negatively impact our credit profile and limit our financial flexibility; known and unknown liabilities we assumed in connection with the acquisitions of AK Steel and ArcelorMittal USA, including significant environmental, pension and other postretirement benefits (“OPEB”) obligations; the ability of our customers, joint venture partners and third-party service providers to meet their obligations to us on a timely basis or at all; supply chain disruptions or changes in the cost or quality of energy sources or critical raw materials and supplies, including iron ore, industrial gases, graphite electrodes, scrap, chrome, zinc, coke and coal; liabilities and costs arising in connection with any business decisions to temporarily idle or permanently close a mine or production facility, which could adversely impact the carrying value of associated assets and give rise to impairment charges or closure and reclamation obligations, as well as uncertainties associated with restarting any previously idled mine or production facility; problems or disruptions associated with transporting products to our customers, moving products internally among our facilities or suppliers transporting raw materials to us; uncertainties associated with natural or human-caused disasters, adverse weather conditions, unanticipated geological conditions, critical equipment failures, infectious disease outbreaks, tailings dam failures and other unexpected events; our level of self-insurance and our ability to obtain sufficient third-party insurance to adequately cover potential adverse events and business risks; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; our ability to successfully identify and consummate any strategic investments or development projects, cost-effectively achieve planned production rates or levels, and diversify our product mix and add new customers; our actual economic iron ore and coal reserves or reductions in current mineral estimates, including whether we are able to replace depleted reserves with additional mineral bodies to support the long-term viability of our operations; the outcome of any contractual disputes with our customers, joint venture partners, lessors, or significant energy, raw material or service providers, or any other litigation or arbitration; our ability to maintain our social license to operate with our stakeholders, including by fostering a strong reputation and consistent operational and safety track record; our ability to maintain satisfactory labor relations with unions and employees; availability of workers to fill critical operational positions and potential labor shortages caused by the COVID-19 pandemic, as well as our ability to attract, hire, develop and retain key personnel; unanticipated or higher costs associated with pension and OPEB obligations resulting from changes in the value of plan assets or contribution increases required for unfunded obligations; and potential significant deficiencies or material weaknesses in our internal control over financial reporting.
For additional factors affecting the business of Cliffs, refer to Part I – Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the SEC.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210727006218/en/
MEDIA CONTACT:
Patricia Persico
Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
Paul Finan
Vice President, Investor Relations
(216) 694-6544
IBD 50 Stocks To Watch: Will Cleveland-Cliffs Break Out To New Highs After 842% Run
https://www.investors.com/research/stocks-to-watch-will-cleveland-cliffs-break-out-after-842-percent-run-clf/
Cleveland-Cliffs Gets a Quant Upgrade -- What Do the Charts Say?
https://realmoney.thestreet.com/investing/stocks/cleveland-cliffs-gets-a-quant-upgrade-what-do-the-charts-say--15722342
Zero-Debt Goal Puts Cleveland-Cliffs on a Positive Path
https://investorplace.com/2021/07/ambitious-zero-debt-goal-puts-clf-stock-on-a-positive-path/
Cleveland-Cliffs: Still Undervalued, Under-Owned, And Unloved
https://seekingalpha.com/article/4441443-cleveland-cliffs-still-undervalued-under-owned-and-unloved
With a 3.3 Forward P/E Ratio, Cleveland-Cliffs Is a Great Deal
https://finance.yahoo.com/news/3-3-forward-p-e-171526691.html
China iron ore price plunges to cap worst week in 17 months
https://seekingalpha.com/news/3718806-china-iron-ore-price-plunges-to-cap-worst-week-in-17-months
CCI announces record second-quarter revenue
By NICOLE WALTON
CLEVELAND, OH-- Cleveland-Cliffs second-quarter results are in very positive territory.
On Thursday the company said for the period ended June 30, 2021 consolidated revenues were $5 billion, compared to last year’s second-quarter revenues of $1.1 billion.
CCI recorded net income of $795 million. In the prior-year second quarter the company reported a net loss of $108 million.
For the first six months of 2021, the Cleveland-Cliffs recorded revenues of $9.1 billion dollars and net income of $852 million. In the first six months of 2020, the company recorded revenues of $1.5 billion dollars and a net loss of $157 million.
'Relentless' steel demand prompts another Cleveland-Cliffs guidance raise
Jul. 22, 2021 7:25 PM ETCleveland-Cliffs Inc. (CLF)Cleveland-Cliffs Inc. (CLF)By: Carl Surran, SA News Editor
Cleveland-Cliffs (NYSE:CLF) again raised its FY 2021 adjusted EBITDA guidance to $5.5B from earlier estimates of $4B and $5B, helping the stock to recoup nearly all its big morning loss after missing Q2 earnings estimates.
"Demand for steel is very strong across all sectors, and strong demand supports strong prices," Cliffs CEO Lourenco Goncalves said on today's earnings conference call. "Q4 2020 was supposed to be the peak for steel prices, then Q1 2021 and then again in Q2. Well, we are in Q3, and the reality is demand is relentless."
Shares opened deep in the red this morning, apparently on the perception that - based on the company's $5B full-year adjusted EBITDA guidance and the Q3 forecast of $1.8B - would come in at a "conservative" ~$1.3B, given the first six months' total of $1.87B.
On the call, Goncalves also said Cleveland-Cliffs has the lowest carbon footprint of all integrated steelmakers, and other countries' programs to cut emissions from their steel industries amounted to government-supplied "gifts" and "handouts" that give foreign steelmakers an unfair advantage over U.S. producers.
"That's another compelling reason why imports need to be held in check as other countries take advantage of a totally uneven playing field with their much worse environmental performance than ours [with] major government subsidies," the CEO said.
Cleveland-Cliffs is "very well positioned as a fully vertically integrated steel producer, [and] 2020 acquisition activities are beginning to improve margins," Bill Gunderson writes in a bullish analysis posted on Seeking Alpha.
Cleveland-Cliffs Slumps on Earnings Miss, CEO Vows 'Monumental' Debt Reduction
"We are set for a monumental debt reduction during the back half of this year, and the achievement of zero net debt in 2022," said CEO Lourenco Goncalves.
Only strange thing is:
2021-03-04Caruso James V (President and CEO) Buy5,100. 1.70
What do you think?
China aims to increase self-sufficiency on iron ore with technology
By Guan Yang
Share
China depends heavily on iron ore imports, with around 80 percent of the supply currently coming from abroad. In light of this, a group of scientists has set the goal to increase self-sufficiency in iron ore.
The main reason behind China's dependency on imported iron ore is that the country's iron ore is relatively low-grade and expensive to process.
Ever since 35-year-old Sun Yongsheng acquired a doctorate in mining science six years ago, he has dedicated his time to one thing – highly efficient exploitation technology for refractory iron ore resources.
"The main problem is how to industrialize and commercialize the newly developed technologies, as many advanced methods remain in laboratories. Our success will be the result of practical application and the participation of private capital," said Sun Yongsheng, the researcher at the National-local Joint Engineering Research Center of High-efficient Exploitation Technology for Refractory Iron Ore Resources.
Two years ago, the research center that Sun works for was approved by the National Development and Reform Commission, China's economic planner, to achieve clean and efficient use of refractory iron ore.
The center has built a key innovation technology system for the green exploitation of iron ore, and develops several frontier technologies in the research areas such as the safe and efficient exploitation of deep resources in large iron mines, new energy-saving grinding technology and equipment, intelligent mining and mineral processing technology, etc.
Their core technologies are expected to realize the exploitation of 10 billion tonnes of domestic refractory iron ore resources – nearly ten times the country's iron ore imports in 2020.
"Thanks to the participation of private capital, we've established several production bases across the country, which will allow us to transform theoretical approaches into the actual output of iron ore. And also, our technologies have been applied by many iron mines in Africa," said Han Yuexin, the director of the center.
Experts say that diversifying the sources of supply for commodities like iron ore has become part of China's long-term strategy to fend off the risks of reliance on any single source.
"We've set the goal to promote the highly efficient exploitation technology for the country's sizeable refractory iron ore mines while building production centers at major seaports to process imported refractory iron ore as soon as the shipment arrives," Han said.
China's demand for imported iron ore has been strong. Increasing self-sufficiency certainly cannot be realized overnight, but it will yield long-term benefits in terms of resource security.
Yes. I agree.
Cleveland-Cliffs Reports Record Second-Quarter 2021 Results
Source: Business Wire
Record quarterly revenue of $5.0 billion
Record quarterly net income of $795 million
Record quarterly adjusted EBITDA1 of $1.4 billion
Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2021.
Second-quarter 2021 consolidated revenues were $5.0 billion, compared to the prior-year second-quarter revenues of $1.1 billion.
For the second quarter of 2021, the Company recorded net income of $795 million, or $1.33 per diluted share. This included the following charges totaling $77 million, or $0.13 per diluted share:
charges of $37 million, or $0.06 per diluted share, of inventory step-up amortization, related to the revaluation of inventory following the acquisition of substantially all of the operations of ArcelorMittal USA;
charges of $22 million, or $0.04 per diluted share, for debt extinguishment costs; and
charges of $18 million, or $0.03 per diluted share, for acquisition-related loss on equity method investment.
In the prior-year second quarter, the Company recorded a net loss of $108 million, or a loss of $0.31 per diluted share.
For the first six months of 2021, the Company recorded revenues of $9.1 billion and net income of $852 million, or $1.48 per diluted share. In the first six months of 2020, the Company recorded revenues of $1.5 billion and a net loss of $157 million, or a loss of $0.51 per diluted share.
Second-quarter 2021 adjusted EBITDA 1 was $1.4 billion, compared to an adjusted EBITDA 1 loss of $82 million in the second quarter of 2020.
(In Millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Adjusted EBITDA1
Steelmaking
$
1,395
$
(54
)
$
1,932
$
(10
)
Other Businesses
8
2
19
4
Corporate and Eliminations
(43
)
(30
)
(78
)
(53
)
Total Adjusted EBITDA1
$
1,360
$
(82
)
$
1,873
$
(59
)
Outlook
The Company expects third-quarter 2021 adjusted EBITDA2 of approximately $1.8 billion and free cash flow2 generation of $1.4 billion.
Cliffs' Chairman, President, and CEO Lourenco Goncalves said: “In the second quarter of 2021 we achieved all-time quarterly records in revenue, net income, and adjusted EBITDA. The numbers unequivocally confirm our efficiency in operating the new footprint, resulting from the integration of the two major steel companies acquired in 2020 as a single and indivisible mining and steel company. They also demonstrate our flawless execution in ramping up our state-of-the-art Direct Reduction plant in Toledo to the current level of production above nominal capacity.”
Mr. Goncalves added: “This quarter was also a clear illustration of our raw material cost and quality advantage over others in the industry, particularly the ones fully dependent on scarce prime scrap and dirty pig iron imported from polluting countries. The decision we made four years ago to invest $1 billion in our Direct Reduction plant has been proven to be not only right, but also perfectly timed. Our internal use of HBI has minimized our reliance on prime scrap in our BOFs and EAFs, as well as enhanced productivity and reduced emissions in our blast furnaces as demonstrated by our actual CO2 emissions figures.”
Mr. Goncalves concluded: “Our team has done a remarkable job in meeting the demand for steel we have been experiencing over the past six months, overcoming the impact of the automotive chip shortage as well as limited rail and truck availability. Steel demand remains excellent and, as we continue to negotiate our contract businesses with several clients in different sectors, it is progressively translating into substantially higher contract prices later this year and into 2022. Ultimately, we are set for a monumental debt reduction during the back half of this year, and the achievement of zero net debt in 2022."
Steelmaking
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
External Sales Volumes
Steel Products (net tons)
4,205
614
8,349
811
Operating Results - In Millions
Revenues
$
4,922
$
1,023
$
8,841
$
1,360
Cost of goods sold
(3,730
)
(1,142
)
(7,374
)
(1,477
)
Selling Price - Per Net Ton
Average net selling price per net ton of steel products
$
1,118
$
1,041
$
1,017
$
1,026
Second-quarter 2021 steel product volume of 4.2 million net tons consisted of 33% hot-rolled, 30% coated, 17% cold-rolled, 6% plate, 4% stainless and electrical, and 10% other, including slabs and rail.
Steelmaking revenues of $4.9 billion included $2.0 billion, or 40%, of sales to the distributors and converters market; $1.3 billion, or 27%, of sales to the infrastructure and manufacturing market; $1.1 billion, or 23%, of sales to the automotive market; and $532 million, or 10%, of sales to steel producers.
Second-quarter 2021 Steelmaking cost of goods sold included depreciation, depletion, and amortization of $197 million, amortization of inventory step-up of $37 million and $18 million of an acquisition-related loss on equity method investment. Steelmaking Segment adjusted EBITDA of $1.4 billion included $61 million of SG&A expense.
Liquidity
As of July 19, 2021, the Company had total liquidity of approximately $2.1 billion.
Conference Call Information
Cleveland-Cliffs Inc. will host a conference call this morning, July 22, 2021, at 10 a.m. ET. The call will be broadcast live and archived on Cliffs' website: www.clevelandcliffs.com.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The Company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest steel supplier to the automotive industry in North America. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada.
Forward-Looking Statements
This release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: disruptions to our operations relating to the COVID-19 pandemic, including the heightened risk that a significant portion of our workforce or on-site contractors may suffer illness or otherwise be unable to perform their ordinary work functions; continued volatility of steel and iron ore market prices, which directly and indirectly impact the prices of the products that we sell to our customers; uncertainties associated with the highly competitive and cyclical steel industry and our reliance on the demand for steel from the automotive industry, which has been experiencing a trend toward light weighting that could result in lower steel volumes being consumed; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity, oversupply of iron ore, prevalence of steel imports and reduced market demand, including as a result of the COVID-19 pandemic; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges, due to the COVID-19 pandemic or otherwise, of one or more of our major customers, including customers in the automotive market, key suppliers or contractors, which, among other adverse effects, could lead to reduced demand for our products, increased difficulty collecting receivables, and customers and/or suppliers asserting force majeure or other reasons for not performing their contractual obligations to us; our ability to reduce our indebtedness or return capital to shareholders within the expected timeframes or at all, depending on market and other conditions; risks related to U.S. government actions with respect to Section 232 of the Trade Expansion Act (as amended by the Trade Act of 1974), the United States-Mexico-Canada Agreement and/or other trade agreements, tariffs, treaties or policies, as well as the uncertainty of obtaining and maintaining effective antidumping and countervailing duty orders to counteract the harmful effects of unfairly traded imports; impacts of existing and increasing governmental regulation, including climate change and other environmental regulation that may be proposed under the Biden Administration, and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorizations of, or from, any governmental or regulatory authority and costs related to implementing improvements to ensure compliance with regulatory changes, including potential financial assurance requirements; potential impacts to the environment or exposure to hazardous substances resulting from our operations; our ability to maintain adequate liquidity, our level of indebtedness and the availability of capital could limit cash flow necessary to fund working capital, planned capital expenditures, acquisitions, and other general corporate purposes or ongoing needs of our business; adverse changes in credit ratings, interest rates, foreign currency rates and tax laws; limitations on our ability to realize some or all of our deferred tax assets, including our net operating loss carryforwards; our ability to realize the anticipated synergies and benefits of our acquisitions of AK Steel and ArcelorMittal USA and to successfully integrate the businesses of AK Steel and ArcelorMittal USA into our existing businesses, including uncertainties associated with maintaining relationships with customers, vendors and employees; additional debt we assumed, incurred or issued in connection with the acquisitions of AK Steel and ArcelorMittal USA, as well as additional debt we incurred in connection with enhancing our liquidity during the COVID-19 pandemic, may negatively impact our credit profile and limit our financial flexibility; known and unknown liabilities we assumed in connection with the acquisitions of AK Steel and ArcelorMittal USA, including significant environmental, pension and other postretirement benefits (“OPEB”) obligations; the ability of our customers, joint venture partners and third-party service providers to meet their obligations to us on a timely basis or at all; supply chain disruptions or changes in the cost or quality of energy sources or critical raw materials and supplies, including iron ore, industrial gases, graphite electrodes, scrap, chrome, zinc, coke and coal; liabilities and costs arising in connection with any business decisions to temporarily idle or permanently close a mine or production facility, which could adversely impact the carrying value of associated assets and give rise to impairment charges or closure and reclamation obligations, as well as uncertainties associated with restarting any previously idled mine or production facility; problems or disruptions associated with transporting products to our customers, moving products internally among our facilities or suppliers transporting raw materials to us; uncertainties associated with natural or human-caused disasters, adverse weather conditions, unanticipated geological conditions, critical equipment failures, infectious disease outbreaks, tailings dam failures and other unexpected events; our level of self-insurance and our ability to obtain sufficient third-party insurance to adequately cover potential adverse events and business risks; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; our ability to successfully identify and consummate any strategic investments or development projects, cost-effectively achieve planned production rates or levels, and diversify our product mix and add new customers; our actual economic iron ore and coal reserves or reductions in current mineral estimates, including whether we are able to replace depleted reserves with additional mineral bodies to support the long-term viability of our operations; the outcome of any contractual disputes with our customers, joint venture partners, lessors, or significant energy, raw material or service providers, or any other litigation or arbitration; our ability to maintain our social license to operate with our stakeholders, including by fostering a strong reputation and consistent operational and safety track record; our ability to maintain satisfactory labor relations with unions and employees; availability of workers to fill critical operational positions and potential labor shortages caused by the COVID-19 pandemic, as well as our ability to attract, hire, develop and retain key personnel; unanticipated or higher costs associated with pension and OPEB obligations resulting from changes in the value of plan assets or contribution increases required for unfunded obligations; and potential significant deficiencies or material weaknesses in our internal control over financial reporting.
For additional factors affecting the business of Cliffs, refer to Part I – Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the SEC.
FINANCIAL TABLES FOLLOW
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS
(In Millions, Except Per Share Amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Revenues
$
5,045
$
1,093
$
9,094
$
1,452
Operating costs:
Cost of goods sold
(3,848
)
(1,208
)
(7,609
)
(1,564
)
Selling, general and administrative expenses
(104
)
(62
)
(199
)
(90
)
Acquisition-related costs
(1
)
(19
)
(14
)
(61
)
Miscellaneous – net
(25
)
(12
)
(28
)
(24
)
Total operating costs
(3,978
)
(1,301
)
(7,850
)
(1,739
)
Operating income (loss)
1,067
(208
)
1,244
(287
)
Other income (expense):
Interest expense, net
(85
)
(69
)
(177
)
(100
)
Gain (loss) on extinguishment of debt
(22
)
130
(88
)
133
Net periodic benefit credits other than service cost component
46
15
93
21
Other non-operating income
4
—
4
—
Total other income (expense)
(57
)
76
(168
)
54
Income (loss) from continuing operations before income taxes
1,010
(132
)
1,076
(233
)
Income tax benefit (expense)
(216
)
25
(225
)
76
Income (loss) from continuing operations
794
(107
)
851
(157
)
Income (loss) from discontinued operations, net of tax
1
(1
)
1
—
Net income (loss)
795
(108
)
852
(157
)
Income attributable to noncontrolling interest
(15
)
(16
)
(31
)
(19
)
Net income (loss) attributable to Cliffs shareholders
$
780
$
(124
)
$
821
$
(176
)
Earnings (loss) per common share attributable to Cliffs shareholders - basic
Continuing operations
$
1.40
$
(0.31
)
$
1.48
$
(0.51
)
Discontinued operations
—
—
—
—
$
1.40
$
(0.31
)
$
1.48
$
(0.51
)
Earnings (loss) per common share attributable to Cliffs shareholders - diluted
Continuing operations
$
1.33
$
(0.31
)
$
1.42
$
(0.51
)
Discontinued operations
—
—
—
—
$
1.33
$
(0.31
)
$
1.42
$
(0.51
)
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION
(In Millions)
June 30,
2021
December 31,
2020
ASSETS
Current assets:
.
Cash and cash equivalents
$
73
$
112
Accounts receivable, net
2,062
1,169
Inventories
4,280
3,828
Other current assets
159
189
Total current assets
6,574
5,298
Non-current assets:
Property, plant and equipment, net
8,982
8,743
Goodwill
1,070
1,406
Deferred income taxes
333
537
Other non-current assets
787
787
TOTAL ASSETS
$
17,746
$
16,771
LIABILITIES
Current liabilities:
Accounts payable
$
1,665
$
1,575
Accrued employment costs
550
460
Pension and OPEB liabilities, current
151
151
Other current liabilities
620
743
Total current liabilities
2,986
2,929
Non-current liabilities:
Long-term debt
5,368
5,390
Pension and OPEB liabilities, non-current
3,841
4,113
Other non-current liabilities
1,272
1,260
TOTAL LIABILITIES
13,467
13,692
SERIES B PARTICIPATING REDEEMABLE PREFERRED STOCK
738
738
TOTAL EQUITY
3,541
2,341
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
$
17,746
$
16,771
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWS
(In Millions)
Six Months Ended
June 30,
2021
2020
OPERATING ACTIVITIES
Net income (loss)
$
852
$
(157
)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation, depletion and amortization
425
112
Amortization of inventory step-up
118
59
Deferred income taxes
225
(73
)
Loss (gain) on extinguishment of debt
88
(133
)
Other
24
(20
)
Changes in operating assets and liabilities, net of business combination:
Receivables and other assets
(903
)
366
Inventories
(557
)
(126
)
Pension and OPEB payments and contributions
(223
)
(17
)
Payables, accrued expenses and other liabilities
83
(309
)
Net cash provided (used) by operating activities
132
(298
)
INVESTING ACTIVITIES
Purchase of property, plant and equipment
(298
)
(283
)
Acquisition of AK Steel, net of cash acquired
—
(869
)
Acquisition of ArcelorMittal USA, net of cash acquired
54
—
Other investing activities
2
—
Net cash used by investing activities
(242
Cleveland-Cliffs EPS misses by $0.31, beats on revenue
Second Quarter 2021 Earnings Conference Call
Jul 22, 2021 10:00 am EDT
https://www.clevelandcliffs.com/investors/news-events/ir-calendar/detail/10701/second-quarter-2021-earnings-conference-call
The consensus EPS Estimate is $1.51 and the consensus Revenue Estimate is $4.95B
3 Reasons Why Cleveland-Cliffs Is A Buy Before The 2Q Report
https://seekingalpha.com/article/4439949-3-reasons-why-cleveland-cliffs-is-a-buy
And you follow Cramer? LOL LOL
Cleveland-Cliffs Inc. stock is held by 476 institutions, with Blackrock Inc. being the largest institutional investor.
Cleveland-Cliffs Inc. (NYSE: CLF) Stock Forecast 2021: Profitable With Bullish Signals
https://marketingsentinel.com/2021/07/20/cleveland-cliffs-inc-nyse-clf-stock-forecast-2021-profitable-with-bullish-signals/
https://247wallst.com/investing/2021/07/20/earnings-previews-american-airlines-att-cleveland-cliffs-freeport-mcmoran
Cleveland-Cliffs
Iron ore miner and steelmaker Cleveland-Cliffs Inc. (NYSE: CLF) has seen its share price soar by 245% over the past 12 months. In mid-June, the stock posted a new 52-week high, and the stock has a year-to-date gain of around 35%. The company’s steel production acquisitions have positioned it well to take advantage of the so-called steel supercycle. The stock also has generated significant interest from retail investors who follow Reddit’s WallStreetBets subgroup.
Coverage of the stock is fairly light, with just eight analysts surveyed. Four rate the shares a Hold and the other four are evenly split between Buy and Strong Buy ratings. At a price of around $19.70, the upside potential based on a median price target of $27 is 37%. At the high target of $39, upside potential reaches 98%.
Second-quarter revenue is forecast to reach $4.95 billion, up 22% sequentially and up 350% year over year. Adjusted EPS is forecast to come in at $1.51, or 400% sequentially and miles better than a per-share loss of $0.46 in the same quarter last year. For the full year, EPS is forecast at $5.55 compared with a per-share loss of $0.47 in 2020.
Cleveland-Cliffs stock trades at a multiple of 3.6 times expected 2021 EPS, 6.1 times estimated 2022 earnings and 10.5 times estimated 2023 earnings. The stock’s 52-week range is $5.16 to $24.77. The company does not pay a dividend.
Why Did Cleveland-Cliffs Stock Drop 12% In A Week?
https://www.forbes.com/sites/greatspeculations/2021/07/20/why-did-cleveland-cliffs-stock-drop-12-in-a-week/
Cleveland-Cliffs (CLF) to Report Q2 Earnings: What's in Store?
https://www.zacks.com/stock/news/1763987/cleveland-cliffs-clf-to-report-q2-earnings-whats-in-store
3 Reasons Why Cleveland-Cliffs Is A Buy Before The 2Q Report
https://seekingalpha.com/article/4439949-3-reasons-why-cleveland-cliffs-is-a-buy
Update: Cleveland-Cliffs Inc. (CLF) stock following data analysis
https://bovnews.com/finance/update-cleveland-cliffs-inc-clf-stock-following-data-analysis/
Record Steel Prices Inject Life Into Long-Suffering Industry
https://www.bloomberg.com/news/articles/2021-07-18/record-steel-prices-inject-life-into-long-suffering-industry
Ha ha ha
Craig R. Frank is the Chairman and Chief Executive Officer of Kaya Holdings (KAYS), which owns and operates Kaya Shack cannabis shops in Portland and Salem. In March, Kaya Shack launched a “Pot for a Shot” campaign, offering discounts to consumers who show their vaccination card.
Prior to KAYS, Craig served for as CEO of Alternative Fuels Americas, Inc. (AFAI), KAYS’s predecessor company. At AFAI, Craig led Jatropha plant trials in Guatemala. Honduras and Costa Rica, secured orders for 6 million gallons of biofuel, and developed industry-first programs for the use of wild feedstock. Prior to AFAI, Craig served 11 years as CEO of The Tudog Group, a firm with business advisory and business development divisions.
https://www.klcc.org/post/city-club-eugene-defeating-covidvaccine-incentives
CLF here read.
Tesla stands out in BofA list of best covered call options plays: Alpha Tactics
Jul. 17, 2021 2:59 PM ETCLF, DVN...By: Kim Khan, SA News Editor19 Comments
?G0d4ather/iStock via Getty Images
The WallStreetBets crowd has put the options spolight on deep-out-of-the-money calls for those beetting on a huge stock price surge.
But for those who own shares where they see just a little upside from current levels, writing (selling) covered calls can be a way to boost returns.
"The strategy is best suited for names the call seller has a neutral short-term view on, as a call sells the right to upside participation beyond the call strike for a fee," BofA equity-linked analysts led by Gonzalo Asis explain. "Covered call writing is not a hedge and maintains full downside risk."
"While covered call strategies will underperform stocks in fast bull markets, they will still realize significant profits," he adds. "Covered call strategies tend to outperform outright stock ownership in flat, down and slightly up markets."
BofA looks at 5,000 overwriting positions in the Russell 1000 (NYSEARCA:IWF) with August 20 expiration.
"Of these, 10 offer at least 5% premium while allowing for a minimum potential upside of 5.5% (Call-Away Return) and having a notional option volume of at least $5mn," Asis notes.
Those 10 are:
Cleveland-Cliffs (NYSE:CLF), strike price $22, call and dividend premium 8.6%, call-away return 9.3%
Occidentals Petroleum (NYSE:OXY), $28, 6.6%, 7.2%
Tesla (NASDAQ:TSLA), $655, 6.6%, 6.8%
L Brands (NYSE:LB), $77.50, 6%, 9.2%
Alcoa (NYSE:AA), $36, 5.9%, 8.3%
Penn National Gaming (NASDAQ:PENN), $70, 5.9%, 8.5%
Devon Energy (NYSE:DVN), $28, 5.5%, 8.1%
Rocket (NYSE:RKT), $18, 5.5%, 9.1%
Cree (NASDAQ:CREE), $92.50, 5.4%, 6%
MercadoLibre (NASDAQ:MELI), $1,510, 5.4%, 5.6%
?
Iron ore is in a bull market — and it won't run out of steam soon, says Goldman
https://www.cnbc.com/2021/07/16/goldman-sachs-on-iron-ore-bull-run-outlook.html