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DewDiligence

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DewDiligence

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Tuesday, 10/25/2022 11:06:36 AM

Tuesday, October 25, 2022 11:06:36 AM

Post# of 8655
CLF CC notes—3Q22 production volume, revenue, and profit were down in large part from repairs and maintenance to mills that formerly belonged to ArcellorMittal. This work is now complete and CLF expects a $700M cash-flow improvement in 2023 relative to 2022 as a result of both lower cap-ex and lower op-ex.

CLF’s net debt is now lower than it was before the AKS and Arcellor acquisitions. Paying down debt continues to be CLF’s top priority for cash usage; however, CLF repurchased 2M common shares during 3Q22 and may continue to repurchase shares opportunistically. There are no plans to reinstate a dividend.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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