Cleveland Cliffs Inc (CLF)

[N4longterm]

We make sure our customers understand that prices are increased as soon as either:

1) current stock is depleted
or
2) the next truck hits our dock

As I said earlier, the buffer we had built in disappeared quickly. Eventually we will be able to buffer again, when prices stabilize and start receding; but I don't see that happening this year. (I hope I'm wrong)

Yes, lumber has seen essentially the same issues, but at a much harder hit. The manager of a local lumberyard told a mutual customer of ours that a shipment they were unloading last week would have cost $6,000 in January; today's price is over $40,000. I am shocked it hasn't stunted the new home construction market more than it has.