The Rising Influence of Rising Affluence

[10nisman]

CLF—Although there is no formal 2022 guidance on (adjusted) EBITDA, during the CC LG gave a hypothetical example of $2.5B of 2022 EBITDA implying a leverage ratio (net-debt/EBITDA) of 2.0. Hence, $2.5B may be a reasonable starting point for investors to use.

FY 2022 adjusted EBITDA of $2.5 billion down from $5.3 billion in FY 2021, doesn't seem right given 2022 pricing is up versus 2021. I need to listen to the call, however, I would expect LG was just trying to keep the math super simple for those dumb analysts (i.e., net-debt/EBITDA = a nice round number like 2.0).