Richard, our price went UP! Didn't you see the latest reports? We are above estimates! Cliffs iron products do not compare to seaborne ore at all.
Completely different product and customers.
The stock bottoming is nothing but a smoke and mirror short and distort tactic to make one believe they are similar and relate and they do not, in any event.
This stock was heavily shorted by the hedge funds who bought the bonds to hedge against the bonds if that makes sense. You see, they win either way and win even better if Cliffs went insolvent as they would not have to cover the shares they sold. This is where the talk of BK originates and is just a pipe dream wish that will never happen on the short end.
There is nothing wrong with CLF and never has been since Gonclaves took control as he has done everything right reducing debt while transitioning to DRI which is the future. Did you see the massive shipping schedule I posted? CLF is in full transition and now servicing electric arc blast furnace steel mills for the first time in Cliffs history. This is an entirely brand new segment with brand new customers.
What many fail to realize is that the public is also predictable as prices for scrap metal fall, the junk yards that collect scrap for cheap do not turn it in and hold it for a better future price. Scrap iron has run out of supply and it's scrap who also feeds electric arc customers which that source has now run dry putting further demand on Cliffs products.
I'm telling ya Bud, this is just a historic cycle repeating itself and a lifetime opportunity to buy money as the cycle is every 12-15 years and you wont see it again until then. The transition to DRI is just more icing on the cake.
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