The Rising Influence of Rising Affluence

[DewDiligence]

CLF reports 1Q14 GAAP loss of $83M ($0.54 per share), due in part to the unusually cold weather in North America:

http://www.sec.gov/Archives/edgar/data/764065/000076406514000042/ex991q1201410-q.htm

CLF’s full-year 2014 outlook for production volume and production cost per ton is unchanged from the guidance given three months ago, implying that CLF thinks it can make up the 1Q14 volume shortfall later in the year.

Nevertheless, the bad quarter may be helpful to Casablanca in the looming proxy fight.

I’ll have more to say after the CC at 10am ET tomorrow. If anyone wants to comment now, I'm all ears!