The Rising Influence of Rising Affluence

[winchem21]

CLF: $10.42 Billion Cap, $6 Billion EBITDA 2021 now likely with HRC prices being contracted out for rest of this year.

At these low share prices, CLF could use the extra billion in EBITDA past $5 billion to take out nearly all 58 million preferred shares issued to MT. Their option to buy these back opened in June and would effectively be a 10% buyback of current diluted share count if all were reclaimed.

This would not deter CLF from reaching net debt 0 by summer 2022 assuming no major new CapEx before then.