Cleveland Cliffs Inc (CLF)

[winchem21]

Dividend will cost ~$60M/year.
-Recent 2020 debt payoffs cut interest by $10M
-Pending 2021 payoff pf the 4.875% $124.2 M would add another ~$6M annual interest savings
-Another $25M freed up from decrease in HBI investment in 2018, does not appear to affect '19 needs

For 2019, the dividend will only require $20M in addition to these other savings.

This appears to be a conservative move, one unlikely to seriously affect HBI investment needs or to threaten capability to make a major Nashwauk move (which is coming..).