Cleveland Cliffs Inc (CLF)

[sts66]

Had time to look up financials - no full 2017 annual report out yet, but my 40% of revs for APIO was a bit off - for 2016, APIO EBITDA was 37% of USIO, not total EBITDA - that number was 25%. Based on PR for fully year 2017 results, APIO was 11% of EBITDA:

http://www.clevelandcliffs.com/English/news-center/news-releases/news-releases-details/2018/Cleveland-Cliffs-Inc-Reports-Fourth-Quarter-and-Full-Year-2017-Results/

Also, ore shipments from APIO dropped -30% in Q4/17, costs went up +22%, sales margin was negative as a result - and if that continued in 2018 as expected APIO would end up being a huge money loser for CLF - so I'm changing my mind - closing APIO operations is probably not going to hurt 2018 EPS (neglecting closing costs), it will be neutral or an improvement because it won't be a drag on earnings anymore. It was good while it lasted, but changes in China's steel industry have made APIO a dinosaur that must be gotten rid of pronto.