The Rising Influence of Rising Affluence

[DewDiligence]

CLF CC notes—Even during the COVID-19 pandemic, CEO Lourenço Gonçalves was shooting bullets at sell-side analysts throughout the 1Q20 CC.

More important, LG asserted that US consumers are once again buying cars.

LG also said that CLF expects final construction on the HBI plant to resume in the next few months, so that commercial output of HBI can still happen during 2H20. LG praised Ohio Gov. DeWine for allowing CLF’s other production facilities in Ohio to remain operational during the pandemic.

Finally, LG stated that CLF has enough capital now and does not plan to issue new debt or equity in the near future. Reducing net debt by $181M recently was a big help (#msg-155150398).