Cleveland Cliffs Inc (CLF)

[abracky]

Cleveland-Cliffs Inc. (NYSE:CLF) recently announced that it will indefinitely idle its Indiana Harbor #4 blast furnace (IH#4). This action is a result of the successful implementation of operational improvements, particularly the addition of significant amounts of HBI to the burden of blast furnaces and the maximization of scrap usage in BOFs. The employees allocated to IH#4 will be reassigned to other positions within Indiana Harbor Works, as the number of available job openings at the Indiana Harbor complex exceeds the amount of jobs associated with IH#4. The Company will continue normal operations of the entire Indiana Harbor Works, including its two steel shops, the hot strip mill and all its finishing facilities, as well as the nearby Riverdale Works. With both Indiana Harbor blast furnaces #3 and #4 now indefinitely idled, going forward, all downstream operations including Riverdale Works will be supplied exclusively by the Company’s flagship high-productivity IH#7 blast furnace.
Lourenco Goncalves, Cliffs’ Chairman, President and Chief Executive Officer said, “Our strategy of increasing productivity at our ironmaking and steelmaking facilities through the use of both in-house produced HBI and additional scrap has allowed us to reduce coke rate and consequently reduce CO2 emissions, as well as to stretch hot metal utilization and still be able to produce similar amounts of crude steel with fewer blast furnaces. Said another way, by concentrating the operation and maximizing productivity at IH#7 we are improving our carbon footprint and, at the same time, lowering our cost structure for the same level of steel production and shipments. Most importantly, as we have enough job openings on site for all impacted employees, we are now able to fill several available job openings at Indiana Harbor Works with the current workforce of IH#4.”
The chart shows 32% added to share values of the stock over the past month of action. Furthermore, the company has benefitted from a jump in recent trading volume to the tune of 20% beyond its prior sustained average level. 
Cleveland-Cliffs Inc. (NYSE:CLF) has a significant war chest ($48M) of cash on the books, which must be weighed relative to about $3.6B in total current liabilities. One should also note that debt has been growing over recent quarters. CLF is pulling in trailing 12-month revenues of $20.4B. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 145.6%.

https://biopharmajournal.com/2022/03/17/the-commodity-stock-dip-shopping-list-x-vkin-clf-fcx-ccj-adm-bhp-aa/