The Rising Influence of Rising Affluence

[DewDiligence]

You should be comparing enterprise value, which includes net debt, rather than market cap, which doesn’t. CLF’s EV is larger now than before the Consolidated Thompson acquisition, as one would expect since the business is now much larger. Of course, the CT deal hasn’t worked out well for CLF shareholders to date, so you’re right if that was the point you were trying to make.